ExxonMobil’s profit more than doubles in Q1

Darren W. Woods (Image courtesy of ExxonMobil)

US-based energy giant and LNG player ExxonMobil said Friday first-quarter profit more than doubled on higher oil and gas prices and cost cutting.

Net income surged to $4.01 billion, or 95 cents per share, from $1.81 billion, or 43 cents per share, in the year-ago quarter.

Capital and exploration expenditures totaled $4.2 billion compared to $5.3 billion the year before.

The Irving-based company said that its production dropped 4 percent to 4.2 million barrels of oil equivalent per day in the quarter under review.

“Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” said Darren W. Woods, CEO of ExxonMobil.

ExxonMobil raised its quarterly dividend last week by 3 percent.

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