ExxonMobil reported yesterday that first-quarter earnings more than doubled as increased oil prices translated into higher profits after a lengthy slump.
Net income for the quarter ending March 31 surged to $4.0bn, up 122% from the same period of 2016.
Revenues rose 30% to $63.3bn.
ExxonMobil logged a loss of $18mn in its US upstream division, which is responsible for exploration and production.
But that was a big improvement from the $832mn loss in the first three months of last year.
International earnings for the division rose sharply.
Earnings for downstream rose somewhat, while chemical earnings declined. “Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” chief executive Darren Woods said.
Oil companies have been expected to report hefty increases in the first quarter compared to the same period of last year, as US oil prices were above $50 a barrel for most of the period.
They were below $40 a barrel for most of the first quarter of 2016.
Exxon’s earnings translated into 95 cents per share, eight cents above analyst expectations.


Chevron
Oil producer Chevron Corp posted a better-than-expected quarterly profit yesterday due to cost cuts, asset sales and rising crude prices.
Like many of its peers, Chevron has benefited from a jump in oil prices after a two-year price downturn that rocked the industry.
The company’s breadwinner oil and gas division swung to a profit and earnings jumped in the refining division.
Divestitures, though, also boosted results, with sales in Indonesia and elsewhere producing a one-time gain.
Chevron posted net income of $2.68bn, or $1.41 per share, compared to a loss of $725mn, or 39 cents per share, in the year-ago period. Excluding one-time items, Chevron earned $1.23 per share during the quarter.
By that measure, analysts expected earnings of 86 cents per share, according to Thomson Reuters I/B/E/S.
Production rose 0.4% to 2.67mn barrels of oil equivalent per day, partly to increases in the Permian Basin of West Texas.
Chief Executive John Watson told Reuters earlier this month the Permian was vital to Chevron’s growth.




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