ExxonMobil reports 16% hike in Q1 earnings

Exxon Mobil Corporation (XOM) reported total revenues and other income of $68.2 billion for the first quarter of 2018, up from $58.6 billion in the first quarter of 2017. Net earnings increased 16% to $4.7 billion, or $1.09 per share, helped by increased commodity prices, operating efficiency and a strong portfolio.

Revenues beat market expectations while profits saw a miss. Shares dropped more than 1% in premarket trading.

Cash flow from operations and asset sales were $10 billion, including proceeds associated with asset sales of $1.4 billion. Capital and exploration expenditures grew 17% to $4.9 billion in the quarter.

Oil-equivalent production was 3.9 million barrels per day, down 6% from the prior-year period. The Hebron field in Canada ramped up to produce 14,000 oil-equivalent barrels per day with well performance surpassing expectations. Unconventional production in the Permian and Bakken grew 18% year-over-year.

The integration of Jurong Aromatics Corporation into the Singapore business is proceeding as per plan, with a contribution of 340,000 metric tons of sales during Q1 2018.

ExxonMobil added over 640,000 net acres to its deepwater portfolio offshore Brazil, and is now one of the largest acreage holders among international oil companies in the country. The company sold its 50% ownership interest in the Scarborough gas field, offshore Western Australia, to Woodside Petroleum Ltd.