American oil giant ExxonMobil doubled its profit in the first quarter, after high crude prices offset lower hydrocarbon production and costs connected to the withdrawal of its Sakhalin-1 project in Russia, the company said on Friday.
Production reached the equivalent of 3.7 million barrels per day in that period, which is less than in the first three months of 2021 or the previous quarter.
The group accuses the drop to meteorological events that forced it to temporarily suspend operations, maintenance and the liquidation of some activities.
But black gold price soared in the quarter, having jumped to $130 a barrel in early March in the days following the Russian invasion of Ukraine, before falling to the current level of between $100 and $110.
As a result, ExxonMobil’s revenue rose 53% to $90.5 billion, although the figure is slightly lower than analysts expected.
His net earnings, meanwhile, doubled to $5.48 billion. On a per share basis and barring one-off items, it was also below forecasts.
The stock was down 2% in electronic trading before trading opened. NYSE.
Net earnings were costed $3.4 billion linked to ExxonMobil’s activities in Russia.
Riding the wave of numerous multinationals that distanced themselves from Moscow, the US oil company announced in early March that it was withdrawing from its last major project in Russia, Sakhalin-1.