Exxon Mobil Beats Q1 Expectations

reported stronger-than-expected results for the first quarter on Thursday. The Irving, Texas-based company posted a quarterly profit of $4.94 billion, or $1.17 per share, versus a year-ago profit of $9.1 billion, or $2.10 per share. Its revenue declined to $67.62 billion versus $106.33 billion. However, analysts were projecting earnings of $0.83 per share on revenue of $56.39 billion. The average estimate among 55 Estimize users was for earnings of $0.86 per share and revenue of $48.69 billion. Upstream earnings slipped to $2.9 billion in the quarter, compared to $4.9 billion, in the year-ago quarter. Downstream earnings surged $854 million to $1.7 billion, while earnings in its chemical segment fell $65 million to $982 million. Oil and natural gas output rose 97,000 barrels from the year-ago period to 4.2 million barrels oil equivalent per day. During the first quarter, the company purchased 20 million shares of its common stock for the treasury at a gross cost of $1.8 billion. "ExxonMobil's balanced portfolio delivered solid financial results in the quarter," said Rex W. Tillerson, chairman and chief executive officer. "Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value." Exxon Mobil shares gained 1.29 percent to $89.00 in pre-market trading.