Exxon Mobil’s first-quarter profit rises, even after $3.4 billion hit from Russia charge

Exxon Mobil’s first-quarter profit rises, even after $3.4 billion hit from Russia charge

Shares of slid on Friday after the company took a $3.4 billion after-tax charge related to its Sakhalin-1 operation in Russia. 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 surveyed by Refinitiv 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 in a statement. "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