image credit: Unsplash

Exxon ups production to counter falling prices in record Q1

April 28, 2023

Via: ABC News

Exxon Mobil more than doubled its profit during the first quarter, producing more oil to overcome energy prices that have declined during a period of economic unease.

Net oil and gas net production jumped by nearly 300,000 oil-equivalent barrels per day compared with the same period last year, which was marked by Russia’s invasion of Ukraine and soaring energy prices.

Exxon earned $11.43 billion, or $2.79 per share, for the three months ended March 31. Per-share adjusted earning were $2.83, topping Wall Street projections of $2.65, and it more than twice the $5.48 billion, or $1.28 per share, it earned during the first quarter last year.

Read More on ABC News