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News // Companies

Exxon Mobil announced a better-than-expected Q1 2017 profit

28 April 2017 , 16:19Neftegaz.RU539

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.

 

For the March quarter, Exxon Mobil reported its profit surged to $4.01 billion, or 95 cents a share, from $1.81 billion, or 43 cents a share, a year earlier.

 

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.

 

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