ExxonMobil NYSE XOM reported on Friday underwhelming earnings for the first quarter that were lower than consensus estimates, due to declining natural gas prices and refining margins and non-cash adjustments. The U.S. supermajor booked first-quarter earnings of $8.2 billion, down from $11.4 billion for the first quarter of 2023. Earnings per share were $2.06 for the first quarter of 2024, down from $2.79 for the same period last year.
Strong production growth in Exxon’s Guyana assets only partially offset lower natural gas realizations in the upstream and weaker industry refining margins and unfavorable timing effects in the downstream.
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