Net Production Falls at Exxon
April 27 2018 - 9:22AM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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