Exxon Mobil reported $5.48 billion in earnings throughout the veryfirst quarter as oil and gas rates increased progressively
29 April 2022, 17: 01
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NEW YORK — Exxon Mobil reported $5.48 billion in revenues throughout the veryfirst quarter as oil and gas rates increased progressively, more than doubling its revenues compared with the exactsame quarter last year.
But the oil giant took a big hit as it deserted its Russian operations due to the war, writing down $3.4 billion.
Including that loss, the oil giant reported revenues of $1.28 per share Friday, which was well listedbelow expectations of experts surveyed by Factset, who were looking for $2.23 per share.
Revenue at the Irving, Texas business was $90.5 billion, which far surpassed the $59.15 billion in income throughout the verysame quarter a year earlier.
The cost of oil climbedup progressively throughout the veryfirst quarter after Russia attacked Ukraine, sendingout European nations which rely greatly on Russia for energy and others rushing to discover option sources for fuel. A barrel of the U.S. criteria crude increased from $76 to almost $130 per barrel priorto ending the quarter at $100, and chauffeurs were filling up with significantly costly gas.
Natural gas rates increased too, climbing from $3.50 per million British thermal systems to about $5.60, pumpingup house heating costs and electrical