Exxon Q1 2024 Earnings Highlights

Financial Performance

:

ExxonMobil reported

first-quarter 2024 earnings

of

$8.2 billion

, equivalent to

$2.06 per share

assuming dilution.

Capital and exploration expenditures were

$5.8 billion

, consistent with the company’s full-year guidance of

$23 billion to $25 billion

.

Operational Highlights

:

Guyana Production

The company achieved

quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana

.

Record Refining Throughput

ExxonMobil delivered

record first-quarter refining throughput

, maintaining excellent turnaround performance

.

Environmental Impact

:

ExxonMobil

reduced operated methane emissions intensity by more than 60% since 2016

.

Strategic Focus

:

The company is

investing in technology

to extend its reach into new high-value, high-growth markets, including

advanced recycling, Proxxima™, carbon materials, and direct air capture of carbon dioxide

.

CEO’s Statement

:

Darren Woods, chairman and CEO, emphasized the company’s strategy and execution excellence, creating value for shareholders and society.

Advantaged assets like Guyana contribute to historic economic growth for the Guyanese people.

ExxonMobil aims to grow earnings power through investments in advantaged assets and higher-value products while reducing structural costs

.

Stock Price Reaction

:

Following the earnings report, ExxonMobil’s stock price experienced mixed reactions.

While

revenue

beat expectations

, coming in at

$83.08 billion

, it was lower than the previous year’s revenue of

$86.56 billion

.

The

net income of $8.22 billion

represented a

28% decrease

from the same period a year ago

.