(Sharecast News) - ExxonMobil posted record first-quarter earnings on Friday amid higher output.
Earnings rose from $5.5bn a year ago to $11.4bn - a record for the first quarter. Exxon said the results demonstrate "structural earnings improvements through growth of advantaged assets, mix improvements, and cost and execution efficiencies".
Versus the final quarter of last year, however, earnings were down 11% from $12.8bn.
The company said it increased oil and gas net production by nearly 300,000 oil-equivalent barrels per day compared to Q1 2022, excluding divestments, entitlements, and Sakhalin-1 expropriation.
"We are growing value by increasing production from our advantaged assets to meet global demand," Exxon said.
"At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company's growing momentum in providing industrial customers with large-scale emission reduction solutions."