The results reflected the slowly improving dynamics for the company as well as the global energy industry, with oil prices up more than 50% since early 2015.
Still, pockets of weakness remained. Exxon’s US oil and gas division posted a loss. Plant repair costs pushed earnings down in the company’s chemical division, which had kept Exxon profitable during the two-year oil price downturn.
Net income jumped to US$4.01bil (RM17.4bil), or 95 cents per share, from US$1.81bil (RM7.9bil), or 43 cents per share, in the year-ago quarter.
Analysts expected earnings of 85 cents per share, according to Thomson Reuters I/B/E/S.
Production fell 4% to 4.2 million barrels of oil equivalent per day.
The company gobbled up acreage and reserves across the globe during the quarter, with deals in Texas and Mozambique, part of a plan to expand Exxon’s growth potential.
Exxon raised its quarterly dividend this week by 3 percent.
Shares of Texas-based Exxon rose 1.6% to US$82.60 in premarket trading. - Reuters
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?