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| ExxonMobil reports record first-quarter profits of $11.4bn | ExxonMobil reports record first-quarter profits of $11.4bn |
| (about 5 hours later) | |
| Oil giant ExxonMobil's profits more than doubled in the first three months of this year, helped by the increased demand for oil and gas. | Oil giant ExxonMobil's profits more than doubled in the first three months of this year, helped by the increased demand for oil and gas. |
| The US energy firm said cost-cutting measures also contributed to its record $11.4bn (£9.1bn) first-quarter profits, up from $5.5bn a year earlier. | The US energy firm said cost-cutting measures also contributed to its record $11.4bn (£9.1bn) first-quarter profits, up from $5.5bn a year earlier. |
| The jump came despite falling oil prices and a $200m hit from windfall taxes the company paid in Europe. | The jump came despite falling oil prices and a $200m hit from windfall taxes the company paid in Europe. |
| Rival US oil firm Chevron also reported an increase in its profits. | Rival US oil firm Chevron also reported an increase in its profits. |
| It made nearly $6.6bn between January and March, up 5% from the same time a year ago. It also paid a $130m "energy profits levy" or windfall tax in the UK. | It made nearly $6.6bn between January and March, up 5% from the same time a year ago. It also paid a $130m "energy profits levy" or windfall tax in the UK. |
| Next week Shell and BP are both set to report their latest results. | Next week Shell and BP are both set to report their latest results. |
| Like other big energy companies Exxon has faced criticism about how much it has returned to shareholders off the back of high oil and gas prices. | Like other big energy companies Exxon has faced criticism about how much it has returned to shareholders off the back of high oil and gas prices. |
| Why are BP and Shell making so much money right now? | Why are BP and Shell making so much money right now? |
| How much windfall tax are oil giants paying? | How much windfall tax are oil giants paying? |
| BP scales back climate targets as profits hit record | BP scales back climate targets as profits hit record |
| It said shareholders would receive $8.1bn including dividends and $375m in share buybacks. | It said shareholders would receive $8.1bn including dividends and $375m in share buybacks. |
| ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia. | ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia. |
| "We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," chief financial officer Kathryn Mikells told Reuters. | "We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," chief financial officer Kathryn Mikells told Reuters. |
| The biggest contributor to the better-than-expected earnings came from strong production growth, driven by the start-up of new offshore developments and refining facilities, she said. | The biggest contributor to the better-than-expected earnings came from strong production growth, driven by the start-up of new offshore developments and refining facilities, she said. |
| Exxon is currently caught up in a legal case with the European Union - it is suing the EU in an attempt to stop its new windfall tax on oil firms. | Exxon is currently caught up in a legal case with the European Union - it is suing the EU in an attempt to stop its new windfall tax on oil firms. |
| It has accused Brussels of exceeding its legal authority, calling the measure "counter-productive" and argued, along with other players in the sector, that the tax would discourage investment. | It has accused Brussels of exceeding its legal authority, calling the measure "counter-productive" and argued, along with other players in the sector, that the tax would discourage investment. |
| Peter McNally, an industry analyst at Third Bridge research firm, said Exxon's output had exceeded expectations. The firm's oil and gas production was the highest since 2019. | |
| "The key driver was surging oil production in Canada, but profitability was dragged lower by the collapse in US natural gas prices," he said. | |
| Mr McNally said the company's refining business continued to be a "star performer", delivering earnings of more than $4bn for the fourth consecutive quarter. | |
| Related Topics | Related Topics |
| Companies | Companies |
| Exxon Mobil | Exxon Mobil |