Energy
Exxon Blows Out Expectations as Oil Output Climbs From New Wells
- Permian, Guyana growth underpinned first-quarter performance
- Net debt-to-capital ratio reduced to 4% during the period
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Exxon Mobil Corp. posted its strongest-ever start to a year as oil production soars from new wells in the US and off the coast of South America.
Net income more than doubled from a year earlier to $11.4 billion, the highest first-quarter profit in the oil giant’s 140-year history. Adjusted earnings of $2.83 a share were 20 cents higher than the Bloomberg Consensus.