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Exxon Mobil Corporation’s (XOM - Free Report) first-quarter 2022 earnings per share of $2.07 — excluding identified items — missed the Zacks Consensus Estimate of $2.25 but improved from the year-ago profit of 65 cents.
Total revenues of $90,500 million beat the Zacks Consensus Estimate of $88,880 million and jumped from the year-earlier $59,147 million.
The lower-than-expected earnings were owing to a decline in oil equivalent production. This was partially offset by higher commodity prices and improved refining margins.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
ExxonMobil has increased its stock repurchase program from $10 billion to $30 billion. The energy giant has planned to execute the repurchase program through next year.
Operational Performance
Upstream
The segment of ExxonMobil reported quarterly earnings of $4,488 million, improving from $2,554 million in the year-ago quarter. Higher commodity prices primarily drove this upside.
Operations in the United States recorded a profit of $2,376 million, skyrocketing from $363 million in the March quarter of 2021. The company reported profits of $2,112 million from non-U.S. operations, deteriorating from $2,191 million in the year-ago quarter.
Production: ExxonMobil’s total production averaged 3,675 thousand barrels of oil equivalent per day (MBoe/d), lower than 3,787 MBoe/d a year ago, reflecting planned maintenance and unscheduled downtime due to weather.
Liquid production increased to 2,266 thousand barrels per day (MBbls/d) from 2,258 MBbls/d in the prior-year quarter. The outperformance was owing to higher production, primarily in the United States and Asia. Natural gas production was 8,452 million cubic feet per day (Mmcf/d), down from 9,173 Mmcf/d a year ago due to lower output from Asia.
Price Realization: In the United States, ExxonMobil recorded crude price realization of $93.51 per barrel, significantly higher than the year-ago quarter’s $56.20. The same metric for non-U.S. operations rose to $89.71 per barrel from the year-ago $53.41.
Natural gas prices in the United States were recorded at $4.80 per thousand cubic feet (Mcf), higher than the year-ago quarter’s $3.36. Also, in the non-U.S. section, the metric improved to $16.42 per Mcf from $6.13 in first-quarter 2021.
Downstream
The segment of ExxonMobil recorded a profit of $332 million against a loss of $390 million a year ago due to improved refining margins.
ExxonMobil's refinery throughput averaged 3,983 MBbls/d, higher than the year-earlier level of 3,751 MBbls/d. Petroleum product sales rose to 5,158 MBbls/d from 4,881 MBbls/d a year ago.
Chemical
This unit of ExxonMobil recorded a $1,354-million profit, down from earnings of $1,415 million in the year-ago quarter on increased spending related to projects and planned maintenance. Prime product sales rose to 6,737 thousand metric tons (kt) from 6,446 kt a year ago.
Financials
During the quarter under review, ExxonMobil generated cash flow of $15,081 million from operations and asset divestments. The company's capital and exploration spending increased 56.5% year over year to $4,904 million.
At the end of first-quarter 2022, ExxonMobil’s total cash and cash equivalents were $11.1 billion and debt amounted to $42.7 billion.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. ConocoPhillips is likely to post first-quarter results on May 5.
The Zacks Consensus Estimate for ConocoPhillips’ earnings is pegged at $3.24 per share, suggesting massive year-over-year growth.
Marathon Oil is a leading oil and natural gas exploration and production company. Marathon Oil is likely to post first-quarter results on May 4.
The Zacks Consensus Estimate for Marathon Oil’s earnings is pegged at 98 cents per share, suggesting a massive year-over-year improvement.
In the United States, Occidental Petroleum is among the largest oil producers. Occidental Petroleum is likely to post first-quarter results on May 10.
The Zacks Consensus Estimate for Occidental Petroleum’s earnings is pegged at $1.97.
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ExxonMobil (XOM) Lags Q1 Earnings Estimates, Triples Repurchase
Exxon Mobil Corporation’s (XOM - Free Report) first-quarter 2022 earnings per share of $2.07 — excluding identified items — missed the Zacks Consensus Estimate of $2.25 but improved from the year-ago profit of 65 cents.
Total revenues of $90,500 million beat the Zacks Consensus Estimate of $88,880 million and jumped from the year-earlier $59,147 million.
The lower-than-expected earnings were owing to a decline in oil equivalent production. This was partially offset by higher commodity prices and improved refining margins.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
Exxon Mobil Corporation price-consensus-eps-surprise-chart | Exxon Mobil Corporation Quote
Triples Share Repurchases
ExxonMobil has increased its stock repurchase program from $10 billion to $30 billion. The energy giant has planned to execute the repurchase program through next year.
Operational Performance
Upstream
The segment of ExxonMobil reported quarterly earnings of $4,488 million, improving from $2,554 million in the year-ago quarter. Higher commodity prices primarily drove this upside.
Operations in the United States recorded a profit of $2,376 million, skyrocketing from $363 million in the March quarter of 2021. The company reported profits of $2,112 million from non-U.S. operations, deteriorating from $2,191 million in the year-ago quarter.
Production: ExxonMobil’s total production averaged 3,675 thousand barrels of oil equivalent per day (MBoe/d), lower than 3,787 MBoe/d a year ago, reflecting planned maintenance and unscheduled downtime due to weather.
Liquid production increased to 2,266 thousand barrels per day (MBbls/d) from 2,258 MBbls/d in the prior-year quarter. The outperformance was owing to higher production, primarily in the United States and Asia. Natural gas production was 8,452 million cubic feet per day (Mmcf/d), down from 9,173 Mmcf/d a year ago due to lower output from Asia.
Price Realization: In the United States, ExxonMobil recorded crude price realization of $93.51 per barrel, significantly higher than the year-ago quarter’s $56.20. The same metric for non-U.S. operations rose to $89.71 per barrel from the year-ago $53.41.
Natural gas prices in the United States were recorded at $4.80 per thousand cubic feet (Mcf), higher than the year-ago quarter’s $3.36. Also, in the non-U.S. section, the metric improved to $16.42 per Mcf from $6.13 in first-quarter 2021.
Downstream
The segment of ExxonMobil recorded a profit of $332 million against a loss of $390 million a year ago due to improved refining margins.
ExxonMobil's refinery throughput averaged 3,983 MBbls/d, higher than the year-earlier level of 3,751 MBbls/d. Petroleum product sales rose to 5,158 MBbls/d from 4,881 MBbls/d a year ago.
Chemical
This unit of ExxonMobil recorded a $1,354-million profit, down from earnings of $1,415 million in the year-ago quarter on increased spending related to projects and planned maintenance. Prime product sales rose to 6,737 thousand metric tons (kt) from 6,446 kt a year ago.
Financials
During the quarter under review, ExxonMobil generated cash flow of $15,081 million from operations and asset divestments. The company's capital and exploration spending increased 56.5% year over year to $4,904 million.
At the end of first-quarter 2022, ExxonMobil’s total cash and cash equivalents were $11.1 billion and debt amounted to $42.7 billion.
Zacks Rank & Other Stocks to Consider
ExxonMobil currently sports a Zacks Rank #1 (Strong Buy). Other prospective #1 Ranked stocks belonging to the energy space include ConocoPhillips (COP - Free Report) , Marathon Oil (MRO - Free Report) and Occidental Petroleum (OXY - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. ConocoPhillips is likely to post first-quarter results on May 5.
The Zacks Consensus Estimate for ConocoPhillips’ earnings is pegged at $3.24 per share, suggesting massive year-over-year growth.
Marathon Oil is a leading oil and natural gas exploration and production company. Marathon Oil is likely to post first-quarter results on May 4.
The Zacks Consensus Estimate for Marathon Oil’s earnings is pegged at 98 cents per share, suggesting a massive year-over-year improvement.
In the United States, Occidental Petroleum is among the largest oil producers. Occidental Petroleum is likely to post first-quarter results on May 10.
The Zacks Consensus Estimate for Occidental Petroleum’s earnings is pegged at $1.97.