Exxon Mobil reported first-quarter earnings Friday that beat Wall Avenue expectations, however declined from the prior 12 months as crude oil costs have fallen sharply on fears that President Donald Trump’s tariffs will hit world demand.
The oil main mentioned quantity development within the Permian Basin and Guyana mixed with cost-cutting measures largely offset decrease earnings from weak oil costs. U.S. crude costs have fallen 18% this 12 months as Trump’s tariffs increase fears of slower demand on the identical time producers in OPEC+ plan to extend provide.
Exxon shares have been up lower than 1% in premarket buying and selling after the outcomes.
Here’s what Exxon reported for the primary quarter in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by LSEG:
- Earnings per share: $1.76 vs. $1.73 per share anticipated
- Income: $83.13 billion, vs. $86.72 billion anticipated
Exxon mentioned its income declined 6% to $7.71 billion, or $1.76 per share, from $8.22 billion, or $2.06 per share, in the identical quarter final 12 months.
The oil main’s world manufacturing enterprise posted earnings of $6.76 billion within the quarter, a rise of about 19% from $5.66 billion in the identical interval a 12 months in the past. Income within the phase rose attributable to development within the Permian and Guyana in addition to value financial savings.
Earnings in Exxon’s U.S. manufacturing phase soared greater than 70% to $1.87 billion from $1.05 billion in the identical quarter in 2024.
Exxon’s world manufacturing got here in at 4.55 million barrels per day, a rise of 20% in comparison with 3.78 million bpd within the year-ago interval.
Exxon mentioned first-quarter capital expenditures of $5.9 billion have been according to its steerage of $27 billion to $29 billion for 2025.
The corporate mentioned it returned $9.1 billion to shareholders within the quarter, together with $4.3 billion in dividends and $4.8 billion in share purchases.
Learn the total earnings launch right here.
It is a growing story. Please verify again for updates.
