Shares of Exxon Mobil (NYSE:XOM) slid on Friday after the company took a $3.4 billion after-tax charge related to its Sakhalin-1 operation in Russia.
Reports out Friday morning reveal Exxon earned $5.5 billion during the first quarter, up from $2.7 billion in the same period during 2021. However, results were down from the $8.87 billion earned during the fourth quarter of 2021.
Revenue came in at $90.5 billion during the latest period. Analysts were expecting the company to generate $92.73 billion in revenue. During the same quarter in 2021, Exxon’s revenue was $59.1 billion.
"Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts,” CEO Darren Woods said. “The absence of these temporary impacts in March provides strong, positive momentum for the second quarter."
Exxon’s results come amid a surge in oil and gas prices. Crude jumped to its highest level since 2008 following Russia’s invasion of Ukraine, which prompted supply fears.
U.S. oil traded as high as $130.50 per barrel. Prices have seen retreated, but remain above $100 per barrel, boosting energy companies’ operations.
Exxon’s first quarter capital and exploration expenses totaled $4.9 billion during the period, with oil-equivalent production falling 4% quarter over quarter to 3.7 million barrels per day.
XOM shares swooned 53 cents to $86.67.
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