By Chris Wack

Exxon Mobil Corp. reported first-quarter earnings of $5.5 billion, or $1.28 a share, on revenue of $90.5 billion. The company said oil-equivalent production was hurt during the quarter by unexpected downtime, and lower natural gas volumes.

On production

"Oil-equivalent production was 3.7 million barrels per day, down 4% from the fourth quarter of 2021 due to weather-related unscheduled downtime, planned maintenance, lower entitlements associated with higher prices, and divestments."

"Excluding entitlement effects, divestments, and government mandates, oil-equivalent production decreased 2% versus the fourth quarter 2021."

"Liquids volumes were up slightly, while natural gas volumes were down 721 million cubic feet per day."

"Improved industry fuels refining margins and lower expenses were partially offset by lower basestock margins and lower volumes, driven by higher turnaround activity."

"Global refining margins improved from the fourth quarter despite softening seasonal demand, higher natural gas prices in Europe, and lagging jet demand recovery."

By Chris Wack, chris.wack@wsj.com

(END) Dow Jones Newswires

April 29, 2022 10:17 ET (14:17 GMT)

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