Market Updates
Exxon Mobil Net Doubles Despite $3.4 Billion Russia Exit Charge
Scott Peters
29 Apr, 2022
New York City
Exxon Mobil Corporation reported first quarter 2022 revenues increased 52% to $90.5 billion and net income doubled to $5.4 billion.
In the quarter, diluted earnings per share increased to $1.28 from 64 cents a year ago.
Earnings adjusted for identified items increased in the quarter to $8.8 billion and increased nearly $6 billion from a year ago after adjusting for $3.4 billion or 79 cents per diluted share after-tax charge related to the company's Russia Sakhalin-1 operation
Capital and exploration charged in the quarter declined to $4.9 billion from $5.8 billion a year ago.
Oil-equivalent production was 3.7 million barrels per day, down 4% from the fourth quarter of 2021 due to weather related unscheduled downtime, planned maintenance, lower entitlements associated with higher prices, and divestments.
Excluding entitlement effects, government mandates, and divestments, oil-equivalent production was down 2%.
Net Zero Initiative
The company plans to expand carbon capture capacity at its facility in LaBarge, Wyoming, adding up to 1.2 million metric tons to the nearly 7 million metric tons already captured at LaBarge each year.
ExxonMobil announced plans for its first world-scale blue hydrogen plant in Baytown, Texas.
The proposed plant would produce up to 1 billion cubic feet per day of blue hydrogen and include one of the world
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