October 6, 2023 at an Exxon gas station in Brooklyn, New York.
Michael M. Santiago | Getty Images
Below is a comparison of Exxon's first quarter report to Wall Street expectations, based on a survey of analysts by LSEG.
- Earnings per share: $2.06 vs. $2.20 expected
- Revenue: $83.08 billion vs. $78.35 billion expected.
The nation's largest oil company reported net income of $8.22 billion, or $2.06 per share, down 28% from profit of $11.43 billion, or $2.79 per share, in the year-ago period.
Oil prices have risen more than 16% this year and gasoline futures prices have soared nearly 32%, but the gains have done little to lift Exxon's fortunes as headwinds elsewhere in the industry. do not have. Natural gas prices have plunged 37% this year, and refining margins are lower than a year ago. Chevron faced similar issues this quarter.
Revenue beat expectations at $83.08 billion, but was lower than the $86.56 billion the company reported a year ago.
Profits at Exxon's fuels business plunged 67% to $1.38 billion from $4.18 billion a year earlier due to lower refining margins.
Profits at the company's chemicals division more than doubled to $785 million from $371 million a year earlier.
Exxon is currently in a dispute with Chevron over Chevron's pending acquisition of Hess. Exxon brought Chevron to arbitration to defend its claims to Hess assets in Guyana under a joint operating agreement.
Chevron said Friday that it expects the deal with Hess to close in 2024.
Read Exxon's full financial release here.