Exxon Mobil (NYSE:XOM) returned to profitability during the first quarter, beating top- and bottom-line estimates for the period, as the company recovers from the havoc wreaked on the energy sector by the coronavirus pandemic.
The oil giant earned $2.7 billion during the period. The company posted earnings per share of 65 cents, excluding items on $59.15 billion in revenue. Wall Street analysts expected the company to earn 59 cents per share on $54.6 billion in revenue.
In the first quarter a year earlier, the company lost $610 million as the impacts of the coronavirus began to weigh. Last quarter, the company posted a $20.1 billion loss, its fourth-straight quarter of losses.
"The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply," Darren Woods, Exxon’s chairman and chief executive officer, said in a statement.
Exxon’s oil-equivalent production rose 3% quarter-over-quarter to 3.8 million barrels per day. The company said the winter storm that hammered the southern United States in Texas cost the company $600 million across its businesses.
Energy is the top-performing S&P 500 sectors this year, and shares of Exxon are up 43% for 2021 through Thursday’s close. They opened Friday lower by 85 cents, or 1.5%, to $58.08.
To combat lower oil prices over the last year, the company implemented aggressive cost-cutting measures. Throughout the downturn Exxon maintained its commitment to its dividend, which currently stands at 5.9%.
