On Friday, the oil giant posted profits of $1.28 per share, which were lower than experts expected due to the loss from exiting its Russian business. Exxon Mobil made $5.48 billion in earnings in the first quarter as oil and gas prices continued to rise, more than doubling its profits from the previous quarter.
However, owing to the conflict, the oil giant had to quit its Russian activities, resulting in a $3.4 billion write-down. As prices rise, Sri Lankan authorities hint that the prime minister may resign.
Cathie Wood’s Ark is on track to have its worst month ever.
Amazon’s greatest decrease since 2006 brings a bleak month for the IT industry to a close. Inflation in the Eurozone rises to a new high as the economy slows due to the Ukraine conflict. Including that loss, the oil giant posted earnings of $1.28 per share on Friday, considerably below analysts’ projections of $2.23 per share, according to Factset. The Irving, Texas-based company’s sales were $90.5 billion, up from $59.15 billion in the same period a year ago.
Should You Expect an Energy Crisis?
After Russia invaded Ukraine, the price of oil rose rapidly in the first quarter, forcing European nations that rely largely on Russia for energy and others to scramble to find alternate fuel supplies. The price of a barrel of US benchmark crude surged from $76 to nearly $130 before settling at $100 after the quarter, and drivers were paying more for gasoline.
Due to weather-related unscheduled downtime, planned maintenance, and divestments, Exxon’s output decreased to 3.7 million barrels per day of oil equivalent, down 4% from the fourth quarter of 2021. Production in the Permian Basin surged, and the company was on track to rise by 25% in 2022 compared to the previous year.
By the end of the year, Exxon wants to cease routine flaring in the Permian Basin, which is the practice of burning off what it deems surplus natural gas. Exxon also revealed that its carbon-reduction programs are progressing. Chevron also posted a $6.26 billion quarterly profit on Friday, more than four times its earnings from the same period last year.