The conflict in Russia and Ukraine could not stop the advance of profits of Exxon Mobil Corp, which scored a banner quarter for the US company.
Despite having resigned 3,400 million dollars due to the effect of Russia’s invasion of Ukraine, Exxon announced this Friday, April 29, that its earnings per share for the first quarter doubled.
The causes: increases in the price of crude oil and gas, fossil fuels that are sought, still unsuccessfully, to stop using worldwide due to the high degree of pollution they produce.
The largest producer of crude oil in the United States also announced that it has begun a share buyback program with which he calculates to get up to 30 billion by the end of 2023.
The full report of ExxonMobil 2022 iT.
Exxon Results
Exxon Mobil posted net income of $5.482 million ($1.29 per share) between February 1 and March 31.
This represents practically double the 2,732 million dollars that it obtained in the same period of 2021 (about 64 cents of dollars per share).
The result, very positive indeed, includes the negative impact of the 3,400 million dollars that the crisis in Eastern Europe produced in the Sakhalin-1 oil field (in Russia), in which the US oil company had a stake (it was left by the last month).
Production of oil and other products manufactured by Exxon, such as bitumen and synthetic oil, reached 2.32 million barrels a day, down 5.1 percent from the previous quarter.
The production of natural gas, meanwhile, fell by 1.4 percent, according to the Exxon Mobil report.
In this context, Exxon shares lost 2.1 percent in the Wall Street premarket.
Exxon and the LGBTQ Pride Flag
This week, Exxon Mobil made headlines because it was announced that it will not allow flags “that reflect positions outside the company,” such as the LGBTQ pride flag, to fly outside its corporate offices.
Included in the measure is, for example, the Black Lives Matter flag.
The decision came just over 30 days before the Pride Month celebrations in June.
The company talks about “the need for the corporation to maintain ‘neutrality’”.
This generated the disappointment of many of its employees at the company’s headquarters in Houston, Texas, where flags were planned to be raised in that sense.
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