ExxonMobil announces improved first quarter 2022 results

Exxon Mobil Corporation last month (April) announced estimated first-quarter 2022 earnings of $5.5 billion despite a $3.4 billion charge associated with our planned exit from Russia. This was up from $2.7 billion in the same period during 2021, but down from the $8.87 billion earned during the fourth quarter of 2021.

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ExxonMobil announces improved first quarter 2022 results

Exxon’s first quarter capital and exploration expenses totalled $4.9 billion during the period, with oil-equivalent production falling 4% quarter on quarter to 3.7 million barrels per day, largely due to weather-related unscheduled downtime, planned maintenance, lower entitlements associated with higher prices, and divestments.

However, strong cash flow from operations more than funded capital investment, additional debt reduction and shareholder distributions in the quarter, as first-quarter cash increased by $4.3 billion compared to the fourth quarter of 2021.

During the period, our Company progressed significant lower-emission opportunities, including plans for a world-scale hydrogen plant supported by one of the world's largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin.

And as of 1 April, we formed ExxonMobil Product Solutions, combining our world-scale Downstream and Chemical businesses, and centralised Technology & Engineering and Operations & Sustainability groups.

“The quarter illustrated the strength of our underlying business and significant progress in further developing our competitively advantaged production portfolio,” said Darren Woods, Chairman and Chief Executive Officer. “Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts. The absence of these temporary impacts in March provides strong, positive momentum for the second quarter.”