ExxonMobil’s first quarter earnings surged to more than $4 billion on the back of strong upstream performance. Last year, the company earned $1.8 billion in the first quarter.
Like all large energy companies, Exxon has been struggling to keep production levels steady and add reserves at reasonable costs. Production of oil and natural gas declined by 4%. Higher commodity prices more than offset the decline, while refinery earnings rose and chemical earnings declined.
In a conference call with analysts, Exxon highlighted the recent deals it has made to increase reserves and put the company’s widely respected technology and processes to use. Permian assets were expanded with an acquisition in addition to investments in Mozambique and in liquefied natural gas.
The company also noted that it believes crude oil markets are close to being in balance with demand growth being offset by increases in non-traditional production as well as strong production within OPEC.
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