Higher oil prices more than double ExxonMobil profit

U.S. oil major ExxonMobil saw a 122 percent increase in its first quarter 2017 earnings, compared to those recorded in the prior-year quarter, boosted by higher oil prices.

The oil major on Friday posted earnings of $4 billion for 1Q 2017, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations.

Darren W. Woods, chairman and chief executive officer, said: “Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently.”

Upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of 4 percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.

Upstream earnings of $2.3 billion improved on higher liquids and gas realizations, compared to a loss of $76 million in the first quarter of 2016.

Oil-equivalent production was 4.2 million oil-equivalent barrels per day, down 4 percent from the prior year. Excluding entitlement effects and divestments, oil-equivalent production was down 1 percent from the prior year.

Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from 2016 as project ramp-up was partly offset by field decline.

Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its integrated businesses, down 19 percent from the first quarter of 2016.

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