• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours Solving The Space Problem For America’s Solar Industry
  • 5 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 mins How Far Have We Really Gotten With Alternative Energy
  • 3 days Investment in renewables tanking
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 7 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)

Breaking News:

A Copper Buying Spree Is Set To Commence

Torkel Nyberg

Torkel Nyberg

Torkel Nyberg is an independent trader living in Stockholm, Sweden. He focuses on developing risk reducing strategies using mechanical trading systems mainly in the swing…

More Info

Exxon Posts Record Q1 Earnings Beating Forecasts

ExxonMobil (NYSE: XOM) easily beat the consensus estimates as it reported on Friday record first-quarter earnings that were more than double compared to a year ago as higher oil and gas production offset lower commodity prices.

Exxon reported record first-quarter earnings of $11.4 billion, double from the $5.48 billion for the first quarter of 2022 and down from $12.75 billion for the fourth quarter of 2022. The per-share earnings of $2.79 for the first quarter of 2023 beat The Wall Street Journal consensus estimate of $2.60.  

Exxon raised its oil and gas production in the first quarter, which helped it book record Q1 earnings despite declining energy commodity prices between January and March 2023.   

Exxon’s oil and gas net production increased by nearly 300,000 oil-equivalent barrels per day compared to the first quarter of 2022, excluding divestments, entitlements, and the Sakhalin-1 expropriation in Russia.

Lower liquids and natural gas realizations and higher scheduled maintenance negatively impacted results sequentially. But these impacts were partially offset by higher volumes, mix improvements driven by advantaged project growth, strong operating execution, and disciplined cost management, Exxon said.

Cash flow from operations totaled $16.3 billion, up from $14.8 billion for Q1 2022. Free cash flow was $11.4 billion for the quarter, up from $10.8 billion a year ago and down from $12.3 billion for Q4.

Shareholder distributions totaled $8.1 billion for the first quarter, including $4.3 billion of share repurchases, keeping the company on track to repurchase up to $17.5 billion during the year.

Exxon, and other oil supermajors, have drawn criticism from the White House in recent months for shareholder distributions. In February, the Biden Administration slammed Exxon’s record annual earnings for 2022 as “outrageous.”


The other U.S. supermajor, Chevron Corporation (NYSE: CVX), also beat analyst expectations in its first-quarter earnings announced today, despite a drop in oil and gas prices. Chevron’s profits increased from a year ago and from the fourth quarter thanks to higher margins on refined product sales.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News