XOM Exxon Mobil Corp

By Dave Sebastian

Exxon Mobil Corp. said it turned a profit for the first quarter as it benefited from higher commodity prices and reduced costs.

The oil company on Friday posted net income attributable to the company of $2.73 billion, compared with a loss of $610 million in the year-ago period. It reported a profit of 64 cents a share, compared with a loss of 14 cents a share in the prior year.

Excluding items, earnings were 65 cents a share. Analysts polled by FactSet were expecting adjusted earnings of 60 cents a share.

Revenue and other income totaled $59.15 billion, compared with $56.16 billion in the prior year.

Exxon said first-quarter oil-equivalent production was 3.8 million barrels a day, down from 4 million barrels a day in the year-ago period.

During the Texas freeze in February, the company's cogeneration facilities generated 400 megawatts of electricity, it said. The severe weather hurt first-quarter earnings by nearly $600 million across all businesses from lower production and sales volumes, repair costs and the net effect of energy purchases and sales, Exxon said. The company said all affected facilities have resumed operations.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

April 30, 2021 08:00 ET (12:00 GMT)

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