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ExxonMobil Shares Rise Following Q1 Earnings Beat

ExxonMobil (NYSE: XOM) shares are experiencing growth in premarket trading on Friday, following the company's report of better-than-expected earnings and revenue for the first quarter.

ExxonMobil logo
ExxonMobil logo

Q1 Earnings and Revenue Details

The oil and gas giant reported $2.83 per share earnings for the quarter, which was $0.23 higher than the analyst estimate of $2.60. Revenue reached $86.56 billion, surpassing the consensus estimate of $82.66 billion.

Unfavorable Identified Items in Q1 Results

ExxonMobil's first-quarter results revealed approximately $200 million in unfavorable identified items attributed to additional European taxes on the energy sector.

Increased Oil and Gas Production

During Q1, the company increased its net oil and gas production by almost 300,000 oil-equivalent barrels per day compared to the first quarter of 2022.

CEO Comments on Growth and Low Carbon Solutions

ExxonMobil CEO Darren Woods emphasized the company's focus on growing value by increasing production from advantaged assets. He also highlighted the Low Carbon Solutions team's efforts in developing new business, including an additional carbon capture, transportation, and storage agreement.

Year-to-Date Stock Performance

ExxonMobil's stock price climbed over 1% to $116.83 per share on Thursday and continued to rise by a further 1% on Friday to $118.10. This increase contributes to the company's year-to-date gains of over 6%.