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Exxon Mobil (XOM) - Get Exxon Mobil Corporation Reportposted a lower-than-expected first quarter earnings Friday, owing to a massive impact from its plans to leave operations in Russia, sending shares lower in pre-market trading.
Adjusted earnings for the three months ending in March were pegged at $1.28 per share, or $5.48 billion, up from 65 cents per share in the same period last year, although the Street consensus stated that $2.12 per share was secured due to a $3.4 billion charge relating to its Sakhalin exit.
Exxon said company revenue rose by 53% to $90.5 billion, missing analysts'' estimates of a $92.747 billion term.
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Over the three months ending in March, West Texas Intermediate crude prices sped between $75 and $100 per barrel, bringing the price to just $119.40, a range which was roughly 75 percent higher than the recovery levels recorded over the same period last year.
The quarter highlighted the strength of our underlying business and significant advances in further developing our competitively advantaged production portfolio. Earnings were modestly enhanced as strong margin gain and strong underlying growth were impacted by weather and timing impacts. The absence of these temporary impacts in March provides significant and positive momentum for the second quarter.
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Exxon''s stock was 6% down in pre-market trading immediately following the earnings announcement, indicating an opening bell price of $86.60 each, a move which would still leave the stock up more than 41.5 percent for the year with a market value of $368 billion.
Chevron (CVX) - Get Chevron Corporation Report surpassed Street expectations by a four-fold increase in its bottom line, which increased by 26.2 percent from last year to $52 billion, scouring analysts'' estimates.