Exxon Mobil on Friday reported a record first-quarter profit that was more than double from a year ago and topped Wall Street estimates.
A pigeon flies over a Exxon mobil gas station on October 25, 2018 in Gutenberg New Jersey.on Friday reported a record first-quarter profit that was more than double from a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels.
"We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," Chief Financial Officer Kathryn Mikells said in an interview. Its income rose to $11.43 billion, or $2.79 per share, compared with $5.48 billion a year ago which included a writedown to exit Russia.
The increased output reflects a rise of 40% from a year earlier in production from the Permian Basin in Texas and Guyana, where it turned on a second production platform last year that added about 240,000 bpd to output. Higher volumes partially offset a 16% drop in oil prices from a year ago.
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