The company also says it’s expanding a program to repurchase its own stock.
NEW YORK — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. But the oil giant took a huge hit as it abandoned its Russian operations due to the war, writing down $3.4 billion. Including that loss, the oil giant reported profits of $1.28 per share Friday, which was well below expectations of analysts polled by Factset, who were looking for $2.23 per share. Revenue at the Irving, Texas company was $90.5 billion, which far exceeded the $59.15 billion in revenue during the same quarter a year ago. The price of oil climbed steadily during the first quarter after Russia invaded Ukraine, sending European countries which rely heavily on Russia for energy and others scrambling to find alternative sources for fuel. A barrel of the U.S. benchmark crude rose from $76 to nearly $130 per barrel before ending the quarter at $100, and drivers were filling up with increasingly expensive gasoline. Natural gas prices rose too, climbing from $3.50 per million British thermal units to about $5.60, inflating home heating bills and electricity prices. “As we think about recent events, our job has never been clearer or more important,” said Darren Woods, CEO, in a conference call with investors Friday.
