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.