Exxon delivers record first-quarter profit on higher output

On Friday, Exxon Mobil Corp (XOM.N) announced a record first-quarter profit that was more than twice a year earlier and beat Wall Street projections as growing oil and gas output offset a drop in energy prices.

Three years after COVID-19 lockdowns, oil corporations are enjoying strong demand and cost-cutting.

“We delivered a first-quarter record despite the fact that energy prices and refining margins are softening,” Chief Financial Officer Kathryn Mikells said in an interview.

She claimed significant production growth drove the better-than-expected earnings. Exxon’s quarter was powered by new offshore developments and processing facilities’ crude oil and gasoline volumes.