ExxonMobil smashed expectations on earnings and revenues in the first quarter.
The world’s biggest oil company posted Q1 earnings of $US4.9 billion, or $US1.17 per diluted share, down from $US9.1 billion a year earlier. But that topped the analyst forecast of $US3.64 billion, according to Bloomberg.
The company posted adjusted earnings per share of $US1.17, down 44% compared to the previous period, but much better than the forecast of $US0.82.
“ExxonMobil’s balanced portfolio delivered solid financial results in the quarter,” said CEO Rex Tillerson in the statement. “Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value.”
Earnings on upstream operations, or those involving finding and drilling crude oil, were $US2.9 billion in the first quarter, down from $US4.9 billion a year ago.
US upstream operations posted a loss of $US52 million, down $US1.3 billion year-over-year.
Oil-equivalent production increased 2.3% from the first quarter of 2014, with liquids up 6% and gas down 1.6%.
Due to the oil crash, the company slashed its capital expenditures by over $US4 billion last month.
Exxon shares were up by just over 1% in pre-market trading.