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Exxon Mobil Corporation reported 76.11 percent drop in net earnings to $1.18 billion in the first quarter from $4.94 billion in the previous year quarter. Similarly, its earnings plunged 63.3 percent to $0.43 a share from $1.17 a share in the same quarter last year. However, the earnings came in $0.12 a share more than the Street analysts' expectations of $0.31 a share.
Exxon Mobil's revenue dropped 28 percent to $48.71 billion from $67.62 billion in the year-ago quarter. Yet, it topped the street analysts' expectations of $48.14 billion. The results provided fresh hopes of recovery in the oil and gas sector shares.
Chairman and CEO Rex Tillerson commented, "The organization continues to respond effectively to challenging industry conditions, capturing enhancements to operational performance and creating margin uplift despite low prices. The scale and integrated nature of our cash flow provide competitive advantage and support consistent strategy execution."
Exxon Mobil said the corporation was making steady progress on its investment plans. The company added that new project capacity additions drove liquids production higher by 11.5 percent in the quarter, or 261,000 barrels per day. Total Upstream volumes grew to 4.3 million oil-equivalent barrels per day, while capital and exploration expenditures were reduced 33 percent to $5.1 billion.
The company said its cash flow from operations and asset sales were $5 billion, including proceeds from the asset sales of $177 million. The oil firm said its Oil-equivalent production grew 1.8 percent while gas down 9.3 percent.
The oil firm said it distributed $3.1 billion to its shareholders in the first quarter and the dividends per share of $0.73 grew 5.8 percent from the last year period.
In pre-market trading, the stock traded higher by 0.9 percent.
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