Exxon posts a profit, snapping four-quarter loss streak

Exxon posts a profit, snapping four-quarter loss streak

Exxon Mobil 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 surveyed by Refinitiv 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 impact of the coronavirus began to weigh. Last quarter, the company posted a $20.1 billion loss, its fourth straight quarter of losses.

Shares of Exxon were flat during premarket trading on Friday.

"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," Chairman and CEO Darren Woods said in a statement.

"Cash flow from operating activities during the quarter fully covered the dividend and capital investments."

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 South cost the company $600 million across