Energy

ExxonMobil Announces First-Quarter 2024 Results — Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activities — Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana and reached a final investment decision on the sixth major development — Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining excellent turnaround performance — Reduced operated methane emissions intensity by more than 60% since 20162 — Investing in technology to extend our reach to new high-value, high-growth markets including advanced recycling, ProxximaTM, carbon materials and direct air capture of carbon dioxide SPRING, Texas–(BUSINESS WIRE)–April 26, 2024– Exxon Mobil Corporation (NYSE:XOM): Results Summary Change Change Dollars in millions (except vs vs per share data) 1Q24 4Q23 4Q23 1Q23 1Q23 Earnings (U.S. GAAP) 8,220 7,630 +590 11,430 -3,210 Earnings Excluding Identified Items (non-GAAP) 8,220 9,963 -1,743 11,618 -3,398 Earnings Per

Exxon Mobil (XOM) reported Q1 non-GAAP earnings Friday of $2.06 per common share, down from $2.83 a year earlier. Analysts polled by Capital IQ expected $2.18. Revenue for the quarter ended March 31 was $83.08 billion, down from $86.56 billion a year earlier. Analysts surveyed by Capital IQ expected $81.51 billion. Shares of the oil and energy giant fell 0.8% in recent Friday premarket activity.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $130, cut $5, reflects a 6.7x multiple of enterprise value to projected 2025 EBITDA, about in line with XOM’s historical forward average. We cut our 2024 EPS estimate by $0.09 to $9.02 and 2025’s by $0.55 to $9.50. Q1 EPS of $2.06 vs. $2.83, missed the consensus view by $0.12. XOM continues to make progress on structural cost reductions, with $0.4B in such cuts in Q1, now totaling $10.1B overall, which is substantial progress toward a goal of $15.0B in structural cuts by 2027 vs. 2019 levels. Production of 3.78 mmboe/d in Q1 was 0.4% below consensus, and down 40,000 boe/d sequentially, but we expect the Pioneer transaction to close in Q2. Shares are down about 3% today, which we chalk up

The following is a summary of the Exxon Mobil Corporation (XOM) Q1 2024 Earnings Call Transcript: Financial Performance: Exxon Mobil reported Q1 2024 earnings of $8.2 billion and a cash flow of $14.7 billion. Structural cost savings reached $10.1 billion for the quarter, with an aim of reaching $15 billion by 2027. The company invested $5.8 billion in growth projects (CapEx). Shareholder distributions totalled $6.8 billion, including $3.8 billion in dividends. Exxon Mobil lowered net debt to capital to 3%, the lowest in more than a decade. The company plans to increase buybacks to a pace of $20 billion annually post approval of the Pioneer combination. Business Progress: Exxon Mobil has been focusing on efficiency improvements in all business aspects like centralizing activities, removing areas of duplication, and optimizing cost. Strategic projects delivered record first-quarter refining throughput and strong performance chemicals volume growth, with more planned for startup in 2025.