Exxon Mobil Corporation (NYSE: XOM) reported first-quarter 2024 earnings per share of $2.06 (excluding identified items), which missed the Zacks Consensus Estimate of $2.19. The bottom line also declined from the year-ago level of $2.83.
Total quarterly revenues of $83,083 million missed the Zacks Consensus Estimate of $86,599 million. The top line also deteriorated from the year-ago quarter's figure of $86,564 million.
Weak quarterly results primarily resulted from lower realizations of natural gas prices and decreased total production.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
Exxon Mobil Corporation price-consensus-eps-surprise-chart | Exxon Mobil Corporation Quote
Operational Performance
Upstream
The segment reported quarterly earnings (excluding identified items) of $5,660 million, down from $6,615 million reported in the year-ago quarter. This was mainly due to a 32% decrease in natural gas prices and other non-cash impacts from tax and inventory adjustments, as well as divestments.
Operations in the United States recorded a profit of $1,054 million, down from $1,632 million registered in the March-end quarter of 2023. The company reported a profit of $4,606 million from non-U.S. operations, down from $4,983 million reported in the year-ago quarter.
Production: ExxonMobil's production averaged 3,784 thousand barrels of oil equivalent per day (MBoe/d), lower than 3,831 MBoe/d reported a year ago. The figure also missed our estimate of 3,807.6 MBoe/d.
However, Liquids production increased to 2,557 thousand barrels per day (MBbls/d) from 2,495 MBbls/d in the prior-year quarter. The outperformance resulted from higher production, primarily in Canada and Africa. Yet, natural gas production totaled 7,362 million cubic feet per day (Mmcf/d), down from 8,016 Mmcf/d ...