Exxon delivers record first-quarter profit on higher output

Exxon Mobil reported a first-quarter profit of $11.43bn, a record double of a year ago and surpassing Wall Street estimates. While refining margins and energy prices had softened, the company’s earnings beat consensus by 9%, thanks to “strong production growth,” according to CFO Kathryn Mikells. Exxon’s production of crude oil and fuels rose to the most since 2019 at 3.83 million barrels of oil equivalent per day aided by startup of new offshore developments and refining facilities, which partially offset a 16% decline in oil prices from a year earlier.