posted first-quarter adjusted earnings that missed forecasts and the stock fell in premarket trading Friday.
Exxon (ticker: XOM) reported adjusted earnings of $2.07 a share, below forecasts for $2.23 a share. The quarter included charges of $3.4 billion, or 79 cents a share, from the company’s exit of Russia.
Net earnings in the period were $5.5 billion or $1.28 a share.
Revenue in the period was $90.5 billion, higher than analysts’ forecasts of $82.8 billion, according to FactSet. Year-earlier revenue was almost $59.2 billion.
The company produced 3.7 million barrels per day, down 4% from the fourth quarter of 2021 due to weather-related delays, planned maintenance, lower entitlements associated with higher prices, and divestments.
“Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts,” said CEO Darren Woods in a statement. “The absence of these temporary impacts in March provides strong, positive momentum for the second quarter.”
Structural savings were more than $5 billion for the quarter compared to 2019, and the company is on track to exceed $9 billion in annual savings by 2023, Exxon said.
Going into the second quarter of 2022, Exxon anticipates corporate and financing expenses to be about $600 million.
Exxon boosted its stock repurchase program to up to $30 billion through 2023. The company declared a cash dividend earlier this week of 88 cents a share, the same level as the dividend paid in the first quarter. Exxon had been boosting dividends since October up to this quarter, after a pandemic pause.
Shares of Exxon were down 1% to $86.15 in premarket trading. The stock has gained 42% this year.
Chevron and Exxon’s worse-than-expected performance came as a surprise on Friday, as analysts were expecting a strong quarter across the board for oil companies fueled by higher prices. Oil-services providers
) all beat expectations when they reported earnings.
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