Exxon posts first profit in five quarters on higher oil prices By Reuters – Investing.com

SectorFinancial Markets

© Reuters. FILE PHOTO: View of the Exxon Mobil refinery in Baytown, Texas

By Jennifer Hiller

(Reuters) – Exxon Mobil Corp (NYSE:) on Friday topped Wall Street quarterly earnings estimates with its first profit in five quarters, boosted by higher oil prices and strong chemicals margins.

Earnings from Exxon and rivals this year have been rising with prices, up by a third this year, as a global oil surplus from the pandemic drains and fuel demand recovers. The swing to a profit comes as European rivals also posted results that exceeded pre-pandemic levels.

Quarterly results show Exxon’s deep cost cuts have allowed it to turn the corner on last year’s historic annual loss and deliver strong cash flow need to reduce debt. Exxon is fighting a hedge fund’s fight over board seats and its fossil fuel direction.

Net income was $2.73 billion, or 64 cents per share, in the first quarter, compared with a loss of $610 million, or 14 cents...read more...