ExxonMobil's Q1 Earnings Top Estimates on Higher Production

Core Viewpoint - Exxon Mobil Corporation (XOM) reported first-quarter 2025 earnings per share of $1.76, exceeding the Zacks Consensus Estimate of $1.72, but down from $2.06 a year ago [1] - Total quarterly revenues of $83.13 billion fell short of the Zacks Consensus Estimate of $84.49 billion, although it showed an increase from $83.08 billion in the previous year [1] Operational Performance - Upstream segment earnings (excluding identified items) reached $6.76 billion, up from $5.66 billion in the year-ago quarter, driven by production growth from Guyana, the Permian Basin, and structural cost savings [3] - U.S. operations generated a profit of $1.87 billion, compared to $1.05 billion in the same quarter of 2024, while non-U.S. operations reported a profit of $4.89 billion, up from $4.61 billion [4] - Average production was 4,551 thousand barrels of oil equivalent per day (MBoe/d), an increase from 3,784 MBoe/d a year ago, surpassing estimates of 4,238.2 MBoe/d [4] Production and Price Realization - Liquids production increased to 3,139 thousand barrels per day (MBbls/d) from 2,557 MBbls/d in the prior-year quarter, attributed to higher output from the U.S. and Asia [5] - Natural gas production totaled 8,470 million cubic feet per day (Mmcf/d), up from 7,362 Mmcf/d reported a year ago [5] - Crude price realization in the U.S. was $69.41 per barrel, down from $74.96 a year ago, and below the estimate of $69.73; non-U.S. crude price realization decreased to $68.12 per barrel from $72 [6] - Natural gas price in the U.S. was $3.38 per thousand cubic feet (Mcf), higher than $2.22 a year ago, but below the estimate of $3.72; non-U.S. natural gas price declined to $10.17 per Mcf from $11.37 [7] Segment Performance - Energy Products segment profit (excluding identified items) was $827 million, down from $1.4 billion a year ago, affected by weaker refining margins [8] - Chemical Products unit recorded a profit of $273 million, lower than $785 million in the year-ago quarter, primarily due to weaker margins and higher costs [9] - Specialty Products unit reported a profit of $655 million, down from $761 million a year ago, impacted by higher market development and feed costs [11] Financials - ExxonMobil generated a cash flow of $12.95 billion from operations and asset divestments, with capital and exploration spending of $5.94 billion [12] - Total cash and cash equivalents stood at $18.51 billion, while long-term debt totaled $32.82 billion [12]