Exxon Mobil Corporation (NYSE: XOM) has announced estimated first quarter 2021 earnings of $2.7 billion.
Exxon Mobil Corporation (NYSE: XOM) has announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution.
The figure compares with a loss of $610 million in the first quarter of last year. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution, the company noted. Total revenues in the first quarter stood at $59.1 billion in 2021 and $56.1 billion in 2020, with total costs at $55.5 billion in the first quarter of 2021 and $56.4 billion in the first quarter of 2020.
First quarter 2021 capital and exploration expenditures were $3.1 billion, which was $4 billion lower than the first quarter of 2020. XOM outlined that cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures and drove debt reduction of over $4 billion in the first quarter of this year.
ExxonMobil Earns $2.7B in First Quarter 2021
IRVING, TEXAS (BUSINESS WIRE)
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Exxon Mobil Corporation today announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution. First quarter capital and exploration expenditures were $3.1 billion, $4 billion lower than the first quarter of 2020.
Oil-equivalent production was 3.8 million barrels per day, up 3 percent from the fourth quarter of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2 percent.
“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive offi
Exxon Mobil Corporation has announced estimated earnings of $2.7 billion for the first quarter compared with a loss of $610 million last year. Oil-equivalent production was 3.8 million barrels per day, up 3 per cent from the fourth quarter of 2020.
We have paid a dividend reliably for over 100 consecutive years now and grown it in each of the last 26 years, CEO Brad Corson told a morning conference call with investors. Today s announcements just continue to underscore not just our strong financial position and our confidence in the future but also clearly demonstrates our ongoing commitment to returning cash to our shareholders.
Imperial said it will now pay a quarterly dividend of 27 cents per share, up from 22 cents. It also announced a plan to spend as much as $1 billion over the next two months to buy back up to four per cent of its outstanding shares, increasing the program from 50,000 shares to about 29 million.
Exxon Posts $2.7 Billion Quarterly Profit After Unprecedented Year
Richard Drew/Associated Press
NEW YORK ExxonMobil reported profits of $2.73 billion in the first quarter, after a tumultuous year led to major spending reductions.
The oil giant brought in $59.15 billion in revenue, up 5% from $56.16 billion during the same quarter last year. It exceeded analyst projections for the quarter.
The oil industry has been struggling with massive losses after the global coronavirus pandemic forced millions of people to shelter at home and travel ground to a halt, pummeling demand for fuel. But as some countries have picked up the pace of distributing vaccines, there are glimmers of hope that the pandemic may get under control and economies will recover. Oil companies anticipate that will mean more cars on the road and planes in the air. But the virus is still devastating many communities around the globe.