Exxon Matches Estimates, Maintains Buybacks Even as Oil Slumps

Exxon Mobil Corp. met earnings estimates thanks to higher production from low-cost projects such as Guyana and the Permian, allowing the oil giant to maintain its share buybacks despite the recent drop in crude prices.

Adjusted first-quarter earnings were $1.76 a share, matching analysts’ forecasts, the Spring, Texas-based company said in a statement Friday. Exxon bought back $4.8 billion of share in the period, which is “consistent” with its $20 billion annual rate through 2026, it said.