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Exxon reports record first-quarter earnings of $11.4 billion

Exxon's earnings during the first quarter topped $11 billion, supported in part by its refining segment. File photo by Eduardo Sverdlin/UPI | License Photo

April 28 (UPI) -- U.S. oil major Exxon Mobil on Friday reported first-quarter earnings more than twice as high as year-ago levels, while also reporting progress in emission reductions.

Exxon reported first-quarter earnings of $11.4 billion, compared with $5.5 billion during the first quarter of 2022.

"Our people's hard work to execute on our strategic priorities delivered a record first quarter following a record year," said Darren Woods, Exxon's chairman and CEO. "We are growing value by increasing production from our advantaged assets to meet global demand."

Production in the first quarter was 4.4% higher than year-ago levels and the company expects even more output once the oil bonanza offshore Guyana begins in 2026. That business segment posted revenue of $6.5 billion, down $1.7 billion from the fourth quarter because of the recent decline in commodity prices.

Total earnings, meanwhile, were lower than the $12.8 billion from the fourth quarter, due in large part to additional European taxes on the energy sector, the company said.

Its refining segment, however, saw earnings increase by $113 million from the fourth quarter to reach $4.2 billion, backed by the recent start-up of expanded operations at its Beaumont refinery in Texas.

Cash flow for Exxon in 2022 was $76.8 billion and the company invested some $22.7 billion on its operations last year, in line with expectations. Free cash flow was $11.4 billion for the first quarter.

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Outside of commodities, the company said it has a long-term agreement to build a carbon capture and storage facility at Beaumont that would cut its overall emissions. Amid concerns that oil companies aren't doing enough to address climate concerns, Exxon added that its year-end greenhouse gas emissions intensity from its operated assets were 10% below a 2016 baseline.