: Exxon Mobil reports record earnings that beat expectations and revenue that fell but topped forecasts

Exxon Mobil Corp. XOM reported Friday record first-quarter earnings that beat expectations, and revenue that declined as lower prices and crude and natural gas realizations impacted results, but was above forecasts. The oil and gas giant’s stock slipped 0.2% in premarket trading. Net income more than doubled to $11.43 billion, or $2.79 a share, from $5.48 billion, or $1.28 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.83 beat the FactSet consensus of $2.60. Total revenue fell 4.3% to $86.56 billion but was above the FactSet consensus of $85.65 billion. Oil and gas net production increased by nearly 300,000 oil-equivalent barrels per day. In the upstream business, which includes exploration and production, crude realizations fell 10% and natural gas realizations dropped 23%. The company returned $8.1 billion to shareholders during the quarter, including $4.3 billion from share repurchases and the rest through dividend payments. The stock has gained 5.9% year to date through Thursday while the S&P 500 SPX has advanced 7.7%.

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