Exxon Mobil doubled earnings per share for the first quarter, boosted by rising oil and gas prices, even though it had to depreciate $ 3.4 billion from its planned exit from Russia.
The leading US oil company reported net profit of $ 5.48 billion or $ 1.28 per share in the quarter, compared to $ 2.73 billion or 64 cents per share a year ago.
The results include a $ 3.4 billion blow to the company’s operations in Russia. On March 1, Exxon announced that it would suspend all operations in Russia following Moscow’s invasion of Ukraine on February 24.
The company also increased its equity purchases to $ 30 billion by 2023.
Source: Capital
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