Exxon’s Q1 revenue falls below estimates but YoY profit increases
Shares of Exxon slipped by 0.5% after the company posted revenue of $90.5 billion
By Yashasvini Razdan
Published - Apr 29, 2022, 05:21 PM ET
Last Updated - Feb 24, 2024, 05:30 AM EST
ExxonMobil (NYSE: XON) reported a profit of $5.5 billion in the first quarter of 2022, on Friday, up from $2.7 billion generated in the same period, last year, but lower than the $8.87 billion earned during the fourth quarter of 2021.
Shares of Exxon slipped by 0.5% after the company posted revenue of $90.5 billion, lower than the analysts’ estimate of $92.73 billion.
Fall in production
Exxon’s first-quarter capital and exploration expenses amounted to $4.9 billion. Oil-equivalent production fell 4% quarter over quarter to 3.7 million barrels per day, due to weather and other factors.
