Energy giant ExxonMobil Corporation (NYSE: XOM) on Friday announced financial results for the first quarter of 2023, reporting strong growth in net profit and a modest decline in revenues.
Total revenues and other income declined 4% to $86.56 billion in the March quarter from $90.5 billion in the same period of 2022. Oil and gas net production increased by nearly 300,000 oil-equivalent barrels per day from the prior-year quarter, excluding divestments, entitlements, and Sakhalin-1 expropriation.
Net income attributable to ExxonMobil was $11.4 billion, or $2.79 per share, which is sharply higher than the $5.48 billion or $1.28 per share reported last year. Adjusted earnings climbed 37% annually to $2.83 per share.
