Saturday 25 February 2017

ExxonMobil Q1 profits up 38pc

Exxonnet income fell 11pc as its biggest first-quarter production decline since 2008. Photo: Bloomberg News
Exxonnet income fell 11pc as its biggest first-quarter production decline since 2008. Photo: Bloomberg News

EXXONMOBIL said its first-quarter profits climbed 38pc on the back of rising oil prices and a rise in production, but its results fell short of analysts' expectations.

The Texas-based oil giant said profits were $6.3bn (€4.7bn), or $1.33 a share, for the three months to December 31, compared with $4.5bn for the first quarter of the previous year.

It was the company's best quarterly performance in more than 18 months, when profits hit a record $14.8bn in the third quarter of 2008.

Revenue rose 41pc to $90.25bn, lower than analysts' expectations of $96.4bn.

Oil prices have soared from $33 a barrel in the first quarter of 2009 to about $80 a barrel now. In response, ExxonMobil said it had increased oil-equivalent production by 4.5pc over the first quarter of 2009, driven by contributions from recent start-ups in Qatar.

In the first quarter its oil production business made a profit of $5.82bn, up $2.31bn from the same period a year earlier.

Its chemical business made a profit of $1.25bn, up $899m from the first quarter of 2009. But its refineries, still having to cope with low margins, made a profit of only $37m, down more than $1bn from a year earlier.

Irish Independent

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