ExxonMobil more than doubled its profit during the first quarter, producing more oil to overcome energy prices that have declined during a period of economic unease, reports The Associated Press.
The company’s second-largest refinery is in Baton Rouge, and the oil giant employs thousands in the region.
Oil and gas net production jumped by nearly 300,000 oil-equivalent barrels per day compared with the same period last year, which was marked by Russia’s invasion of Ukraine and soaring energy prices. Last year at this time, a barrel of U.S. crude was trading above $100, about 30% higher than today.
ExxonMobil earned a record $11.43 billion, or $2.79 per share, for the three months ended March 31. Per-share adjusted earning were $2.83, topping Wall Street projections of $2.65, and it was more than twice the $5.48 billion, or $1.28 per share, it earned during the first quarter last year.
Revenue for the Irving, Texas-based company was $86.56 billion, down from $90.5 billion a year earlier, and just shy of analyst expectations.
ExxonMobil’s net production during the quarter was 3.8 million oil-equivalent barrels per day, up nearly 160,000 oil-equivalent barrels per day compared to a year ago and CEO Darren Woods says the company plans to continue to increase production. The price for a barrel of benchmark U.S. crude has fallen more than 6% this year, however, and it’s fallen 29% over the past 12 months.
Central banks across the globe have been trying to cool their respective economies because of elevated inflation and evidence of those maneuvers has begun to appear, namely the US economic report Thursday showing that the national economy slowed sharply from January through March, as higher interest rates hammered the housing market and businesses reduced their inventories. Read the full story. On the chemical front, ExxonMobil is considering Baton Rouge for a new advanced recycling facility.