(MENAFN) In the first quarter of this year, Exxon Mobil, the American energy giant, reported a decline in profits, primarily attributed to the decrease in natural gas prices and refining margins within the industry. The company's earnings amounted to USD8.22 billion, or USD2.06 per share, for the three-month period ending March 31. This marks a significant decrease compared to the same period last year, when Exxon Mobil recorded profits of USD11.43 billion, or USD2.79 per share.
Despite falling short of Wall Street expectations, Exxon Mobil does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research had projected the company's profits to reach USD2.19 per share during the first quarter of the year. Consequently, Exxon Mobil shares experienced a decline of 2.7 percent before trading commenced on Friday.
In terms of total revenues, Exxon Mobil reported USD83.08 billion for the first quarter, representing a decrease from USD86.56 billion reported in the previous year. This revenue figure fell short of Wall Street's expectations, which had anticipated revenues of USD86.6 billion for the company.
Despite these challenges, Exxon Mobil highlighted notable achievements in its operational activities. The company reported that production in Guyana exceeded expectations, reaching more than 600,000 barrels of oil equivalent per day. This performance reflects Exxon Mobil's ongoing efforts to optimize production and capitalize on opportunities in key markets.
Overall, the first quarter results underscore the impact of market dynamics, including fluctuations in natural gas prices and refining margins, on Exxon Mobil's financial performance. However, the company remains focused on leveraging its operational strengths and strategic investments to navigate the evolving energy landscape and drive sustainable growth in the future.
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