Exxon Mobil Friday in the first quarter, which beat Wall Street's expectations, but decreased from the previous year, because crude oil prices strongly feared that President Donald Trump's prices are reaching global demand.
The oil major said that the growth of the volume in the Permian basin and the Guyana combined with cost reduction measures largely compensate for the lower profits of low oil prices. American crude crude prices have dropped 18% this year while Trump prices fears a recession at the same time as OPEC + producers plan to increase the offer.
The CEO, Darren Woods, described the market as “agitated” in an interview with CNBC. Woods said demand was strong in the first quarter, but a higher offer depressed prices. Trump's prices have increased uncertainty about how demand will hold the rest for the rest of the year, he said.
“We have built a business that is essentially prepared and ready to manage the type of turbulence that we see on the markets today,” Wood to “Squawk Box” from CNBC.
Exxon shares have increased by less than 1% in prior exchanges before the results.
Here is what Exxon reported for the first quarter compared to what Wall Street was waiting, on the basis of an investigation of LSEG analysts:
- Profit per share: $ 1.76 against $ 1.73 per expected share
- Income: 83.13 billion dollars, compared to $ 86.72 billion expected
Exxon said its profits decreased by 6% to $ 7.71 billion, or $ 1.76 per share, compared to $ 8.22 billion, or $ 2.06 per share, in the same quarter last year. Income reached $ 83.13 billion, slightly more than $ 83.08 billion a year ago.
The global production activity of the major oil has recorded a profit of $ 6.76 billion in the quarter, an increase of about 19% against 5.66 billion dollars during the same period a year ago. The benefits of the segment have increased due to the growth of permien and Guyana as well as cost savings.
The benefit of the US production segment of Exxon climbed more than $ 70% to $ 1.87 billion, against $ 1.05 billion in the same quarter in 2024.
The global production of Exxon took place at 4.55 million barrels per day, an increase of 20% against 3.78 million b / d during the period of the previous year.
Its refining activity recorded a profit of $ 827 million, down 40% against $ 1.38 billion in the first quarter of 2024 due to the drop in refining margins.
Exxon said capital expenses in the first quarter of $ 5.9 billion was in accordance with its $ 27 billion guidelines at $ 29 billion for 2025.
The company said that it had given $ 9.1 billion to shareholders during the quarter, including $ 4.3 billion in dividends and $ 4.8 billion in action.
