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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.
“First-quarter cash increased by $4.3 billion compared to the fourth quarter of 2021, as strong cash flow from operations more than funded capital investment, additional debt reduction, and shareholder distributions in the quarter. Free cash flow in the quarter was approximately $11 billion,” the company said in a statement.
The company took a $3.4 billion accounting charge after it decided to halt operations at its Sakhalin Island development in Russia’s Far East.
The company said that it would raise its $10-billion share-buyback program to $30 billion through 2023.
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Source: ExxonMobil