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ExxonMobil announces first quarter results

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Picture of Meenal Datar

Meenal Datar

Membership specialist

Exxon Mobil Corporation has announced first-quarter 2023 earnings of $11.4 billion (€10 billion). These earnings demonstrate structural improvements through growth of advantaged assets, mix improvements, and cost and execution efficiencies.

This included:

  • Increased oil and gas net production by nearly 300,000 oil-equivalent barrels per day versus first-quarter 2022, excluding divestments, entitlements, and Sakhalin-1 expropriation.
  • Started up the Beaumont Refinery expansion and reached full capacity of 250,000 barrels of production per day to help meet global demand.
  • Announced final investment decision for the Uaru offshore development and two new discoveries in Guyana.
  • Grew Low Carbon Solutions business with the execution of a new long-term customer contract for carbon capture, transportation, and storage.

Darren Woods, chairman and CEO says: ‘Our people’s hard work to execute on our strategic priorities delivered a record first quarter following a record year. We are growing value by increasing production from our advantaged assets to meet global demand. At the same time, our low carbon solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company’s growing momentum in providing industrial customers with large-scale emission reduction solutions.’

Read more: ExxonMobil announces first quarter 2023 results



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