Exxon profit rises on higher oil and gas prices
2022.04.29 14:07
FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson
(Reuters) -Exxon Mobil Corp doubled its first-quarter per-share profit on Friday, boosted by surging oil and gas prices even as it took a $3.4 billion writedown from its planned exit from its Russian operations.
The top U.S. oil producer reported net income of $5.48 billion, or $1.28 per share, in the three months ended March 31, compared with $2.73 billion, or 64 cents per share, last year.
The results included a $3.4 billion after-tax hit on the oil major’s Russia Sakhalin-1 operation. Exxon (NYSE:XOM) said on March 1 it would discontinue all its Russia operations following Moscow’s invasion of Ukraine on Feb. 24.
The company also boosted share buybacks to as much as $30 billion through 2023.
