The ExxonMobil Corp (NYSE: XOM) stock price increased during premarket trading as investors bet on a positive earnings release from the oil major despite the turbulent Q1. The markets did not have to wait for long as the oil major released its earnings results earlier today before the market opened.
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The international oil company generated $16.3 billion in cash flows from operations, with its free cash flows at $11.4 billion. The company’s debt-to-capital ratio remained stable at 17%, while the net debt-to-capital ratio fell to 4%.
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Other operational highlights in the Q1 report included that the company increased its net oil and gas production by nearly 300,000 oil-equivalent barrels per day compared to Q1 2022. The figures exclude divestments, entitlements, and the Sakhalin-1 expropriation license.
ExxonMobil also completed the expansion of its Beaumont Refinery in Texas, which reached its total production capacity of 250,000 barrels of oil daily, unleashing much-needed affordable oil, according to analysts at FOX Business.
The oil major generated quarterly earnings of $11.4 billion or $2.79 per share. The earnings figure was much lower than the Q4 2022 figure of $12.8 billion.
Another key highlight of the report was the company’s reassurance that it was on track to deliver $9 billion of cost savings this year. The cost savings will likely translate to higher profits for the firm.
Exxon also wants to continue repurchasing its shares after buying back shares worth $4.3 billion as part of the $8.1 billion the company returned to shareholders. The company intends to return $17.5 billion to shareholders this year.
Darren Woods, ExxonMobil’s Chairman and CEO, said: “Our people's hard work to execute our strategic priorities delivered a record first quarter following a record year. We are growing value by increasing production from our advantaged assets to meet global demand. At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company's growing momentum in providing industrial customers with large-scale emission reduction solutions.”
*This is not investment advice.
Exxon Mobil (XOM) stock price.
The Exxon Mobil (XOM) stock price was trading up 0.93% at $117.92, from Thursday’s closing price of $116.83.
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