Exxon delivers a record first-quarter profit on higher output

Exxon Mobil Corp (XOM.N) on Friday reported a record first-quarter profit that was more than double from a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels.

Oil companies are riding that wave of relatively higher oil and gas prices with earnings benefiting from strong demand and cost-cutting tied to efforts to counter COVID-19 lockdowns three years ago.

“We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit,” Chief Financial Officer Kathryn Mikells said in an interview.

The biggest contributor to the better-than-expected earnings came from strong production growth, she said. Exxon’s quarter was driven by new volumes of crude oil and fuels from the startup of new offshore developments and refining facilities.

Its income rose to $11.43 billion, or $2.79 per share, compared to $5.48 billion a year ago that included a writedown to exit Russia.

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