Exxon Mobil’s profit more than doubled in the 1st quarter, as its oil-production business swung back from a loss amid rising crude prices, the company reported on April 28, 2017.
Revenue jumped 30% to $63.29 billion. Analysts were looking for $64.73 billion.
Exxon in the previous quarter had recorded its 1st increase in quarterly revenue in more than 2 years.
The exploration and production, or upstream, business swung to a $2.3 billion profit from a $76 million loss a year ago.
In the U.S., the upstream division narrowed its loss to $18 million from $832 million the year before.
In the refining and marketing, or downstream, business, earnings were $1.1 billion, up $210 million from the year-earlier period, lifted by improved volume and mix.
Exxon Mobil had been seeking U.S. permission to drill with Rosneft in several areas banned by sanctions and applied for a waiver recently to proceed in the Black Sea.
The Trump administration said April 21, however, that it would not grant a waiver from Russian sanctions to Exxon Mobil or any other energy companies.