Production output sends Exxon above market consensus

The oil supermajor bolstered production in the first quarter.

BY VIKTOR BRANDT KÆRGAARD, TRANSLATED BY SIMON ØST VEJBÆK

Exxonmobil’s profits in the first three months of the year vastly exceed analyst expectations.

Adjusted earnings of USD 2.83 a share were 20 cents higher than the analyst consensus of USD 2.63, reports Bloomberg. In the same quarter last year, adjusted earnings a share came in at USD 2.07.

Revenue stooped to USD 86.56bn, which still outperforms analyst projections of USD 84.55bn. The results marks a 4.3% dip from Q1 2022.

Exxonmobil increased its oil and gas production output with 300,000 barrels of oil equivalents during the quarter, writes Bloomberg.

The company share climbs 0.7% in pre-market trading.

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