ExxonMobil Reports That Q1 Profits Double To $11.4 Bn

New York, (UrduPoint / Pakistan Point News - 28th Apr, 2023 ) :ExxonMobil reported Friday that first-quarter profits more than doubled to $11.4 billion, as the US oil giant returned over $8 billion to shareholders during the period.

Oil prices were lower in the 2023 period, but earnings were boosted by a better performance in the refining business, as well as higher oil and natural gas production.

Results in the 2022 quarter were also dented by one-time costs associated with ExxonMobil's withdrawal from a Russia project after the invasion of Ukraine.

The profits, a record for the company's first quarter, compared to $5.5 billion in the year-ago period. Revenues declined 4.3 percent to $86.6 billion.

Results in the 2022 period were lifted by spiking oil prices following Russia's invasion of Ukraine, which also resulted in ExxonMobil's withdrawal from the Sakhalin offshore oilfield. The Sakhalin move led to one-time costs of $3.4 billion in the year-ago quarter.