Exxon Mobil reported first-quarter earnings Friday that beat Wall Avenue expectations, however declined from the prior 12 months as crude oil costs have fallen sharply on fears that President Donald Trump’s tariffs will hit international demand.
The oil main mentioned quantity progress within the Permian Basin and Guyana mixed with cost-cutting measures largely offset decrease earnings from weak oil costs. U.S. crude costs have fallen 18% this 12 months as Trump’s tariffs elevate fears of a recession on the similar time producers in OPEC+ plan to extend provide.
CEO Darren Woods described the market as “uneven” in an interview with CNBC. Woods mentioned demand was robust within the first quarter however larger provide depressed costs. Trump’s tariffs have raised uncertainty about how demand will maintain up for the remainder of the 12 months, he mentioned.
“We have constructed an organization that mainly is ready and able to deal with the type of turbulence that we’re seeing within the markets in the present day,” Wooden’s instructed CNBC’s “Squawk Field.”
Exxon shares have been up lower than 1% in premarket buying and selling after the outcomes.
Here’s what Exxon reported for the primary quarter in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by LSEG:
- Earnings per share: $1.76 vs. $1.73 per share anticipated
- Income: $83.13 billion, vs. $86.72 billion anticipated
Exxon mentioned its income declined 6% to $7.71 billion, or $1.76 per share, from $8.22 billion, or $2.06 per share, in the identical quarter final 12 months. Income got here in at $83.13 billion, barely larger than $83.08 billion a 12 months in the past.
The oil main’s international manufacturing enterprise posted earnings of $6.76 billion within the quarter, a rise of about 19% from $5.66 billion in the identical interval a 12 months in the past. Income within the section rose because of progress within the Permian and Guyana in addition to price financial savings.
Earnings in Exxon’s U.S. manufacturing section soared greater than 70% to $1.87 billion from $1.05 billion in the identical quarter in 2024.
Exxon’s international manufacturing got here in at 4.55 million barrels per day, a rise of 20% in comparison with 3.78 million bpd within the year-ago interval.
Its refining enterprise posted a revenue of $827 million, down 40% from $1.38 billion within the first quarter of 2024 because of decrease refining margins.
Exxon mentioned first-quarter capital expenditures of $5.9 billion have been per its steering of $27 billion to $29 billion for 2025.
The corporate mentioned it returned $9.1 billion to shareholders within the quarter, together with $4.3 billion in dividends and $4.8 billion in share purchases.
