XOM Exxon Mobil Corp

   By Allison Prang 
 

Net production of oil fell at Exxon Mobil Corp. in the company's most recent quarter, but earnings increased as industries are seeing higher oil prices.

The company produced 3.9 million barrels of oil equivalent a day in the first quarter, down 6.3% from the same quarter a year ago. Net production of crude oil and national gas production available for sale both declined.

Exxon reported a profit of $4.65 billion, or $1.09 a share, up from $4.01 billion, or 95 cents a share, a year earlier.

Total revenue was $68.21 billon and the company reported expenses and deductions of $60.97 billion, both of which were up 16%. Analysts were expecting revenue of $63.6 billion.

Chief Executive Darren Woods said in prepared remarks that higher commodity prices helped Exxon's portfolio.

Exxon also said Friday that it bought back 5 million shares in the quarter and will continue to do so but not in order to lower the company's outstanding share count.

Shares, which have fallen 0.5% over the past 12 months, fell 2.3% premarket.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 27, 2018 09:07 ET (13:07 GMT)

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