Permian Basin growth fuels ExxonMobil’s quarterly success

ExxonMobil beats Q1 estimates as Permian and Guyana growth offset weak oil prices; EPS hits $1.76, net production up 20% after Pioneer deal.

First-quarter earnings at ExxonMobil (NYSE: XOM) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices.

Despite the lower earnings compared to a year ago, Exxon expressed confidence that the structural and cost-saving measures of the past few years have prepared it to weather the uncertain market environment.

Exxon reported on Friday first-quarter earnings of $7.7 billion, down from $8.2 billion in the first quarter of 2024. Earnings per share (EPS) slipped to $1.76 from $2.06, but beat the consensus estimate of $1.73.

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Source: Oil & Gas 360

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