Exxon Mobil Exceeds Profit and Revenue Expectations As Raw Material Prices Rise and Costs Fall; the stock is declining

Exxon Mobil Corp.
+ 1.43%

On Friday reported adjusted earnings and first quarter revenue that exceeded expectations, boosted by rising commodity prices and cost-cutting actions. The oil and gas giant’s share slipped 0.5% in pre-market trading, leading it to a five-day winning streak in which it climbed 6.6 %. The company grew to net profit of $ 2.73 billion, or 64 cents per share, after losing $ 610 million, or 14 cents per share, in the same period a year earlier. Excluding one-time items, adjusted earnings per share stood at 65 cents, above the FactSet consensus of 60 cents. Total revenue increased 5.3% to $ 59.15 billion, above the FactSet consensus of $ 56.38 billion, while total costs fell 1.5% to 55, $ 56 billion. Oil-equivalent production rose 3% to 3.8 million barrels per day. For the Company’s upstream businesses, average accomplishments for crude oil increased 42% from the fourth sequential quarter and 33% for natural gas. The company’s 2021 capital spending plan has been maintained between $ 16 billion and $ 19 billion. The stock is up 43.0% year-to-date through Thursday, while the SPDR Energy Select Sector ETF
+ 1.12%

rallied 33.7% and the S&P 500
+ 0.68%

gained 12.1%.

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