ExxonMobil more than doubled its earnings to $4billion in the first three months of 2017 compared to the same quarter last year.
A new discovery and strategic acquisitions were said to be behind the earnings increase of 122%.
Although oil production decreased 4% compared to the first quarter of 2016, gas and liquid projects ramping up helped steady the ledger.
Upstream earnings amounted to $2.3billion compared to a loss of $76million in the same period last year.
Darren W. Woods, chairman and chief executive officer. “Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently
“We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain.”
Upstream earnings of $2.3 billion improved on higher liquids and gas realizations. Downstream earnings of $1.1 billion benefited from increased refinery throughput.
Chemical earnings of $1.2 billion were impacted primarily by lower margins.
Capital and exploration expenditures totaled $4.2 billion as the company advanced investments across its businesses.
During the quarter, the corporation distributed $3.1 billion in dividends to shareholders.
First quarter highlights included the acquisitions of InterOil Corporation and Permian Basin focused firms as well as a 25 percent indirect interest in a natural gas-rich block, offshore Mozambique, which was secured from Eni.
The company also netted additional high-potential exploration acreage in Papua New Guinea, Cyprus and the US Gulf of Mexico.
Positive results were also reported from the Snoek well offshore Guyana, with new discovery on the Stabroek Block. The well encountered more than 82 feet (25 meters) of high-quality, oil-bearing sandstone reservoirs.
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