Exxon Q1 Earnings Beat Wall Street Expectations

Despite the fact that higher crude oil prices helped ExxonMobil to lift its Q1 earnings, the supermajor on Friday missed Wall Street expectations and reported its weakest production level for a first quarter since 1999. Exxon reported  Q1 earnings of $4.6 billion, up 16% on the year, Oil Price reported.

In terms of revenues, Exxon beat the Wall Street view, reporting $68.2 billion in total revenues for Q1, up from $58.6 billion in Q1 2017. Analysts had expected the Q1 2018 revenue at around the mid-$60-billion range. Exxon’s oil-equivalent production was 3.9 million barrels per day in the first quarter this year, down by 6% compared to the first quarter of 2017.

Excluding entitlement effects and divestments, oil-equivalent production was down 3% from Q1 last year.  The Q1 2018 production was the lowest for a first quarter since the 1999 merger that created what is today known as Exxon.  The production level was also lower than all seven analyst estimates in a Bloomberg survey.