Exxon Tops Q1 Earnings as Oil Rally Offsets Production Dip

ExxonMobil topped Q1 estimates with adjusted earnings of $4.9 billion ($1.16 per share) as higher oil prices boosted profits even though output fell about 6% quarter-over-quarter to 4.6 million oil-equivalent barrels per day due to Middle East disruptions and maintenance. Revenue rose to $85.14 billion, aided by strong refining and trading, with a quarterly Guyana production record (>900,000 gross bpd) helping offset weaker Middle East volumes. The company highlighted gains from outside the region via Guyana and the Permian while noting hedging losses of about $700 million tied to Middle East disruptions.