Exxon Rebounds to First Profit Since 2019 on Crude Surge
- CEO Woods seeks to shield S&P 500’s third-largest dividend
- Supermajors now profitable again after radical spending cuts
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Exxon Mobil Corp. snapped a record streak of losses as rising oil and natural gas prices bolstered one of the biggest dividends in the S&P 500 Index.
Exxon earned 64 cents a share in the first quarter, beating the 61-cent average estimate from analysts in a Bloomberg survey. The oil giant’s exploration and drilling division drove most of the gains but it also received a substantial tailwind from higher chemicals prices that helped offset losses incurred during the deadly February storm in Texas.