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ExxonMobil Earns $5.5 Billion In First Quarter 2022

Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia Sakhalin-1, or $0.79 per share assuming dilution. First-quarter capital and exploration expenditures were $4.9 billion. 

The Earned $5.5 billion in first quarter 2022; generated $14.8 billion of cash flow from operating activities, more than covering capital investment and shareholder distributions. Earnings excluding identified items were $8.8 billion, an increase of more than $6 billion versus the first quarter of 2021, after adjusting for a $3.4 billion after-tax charge related to the company’s Russia Sakhalin-1 operation.

They also announced increase in share repurchase program up to a total of $30 billion through 2023

ExxonMobil in its release, disclosed achievement of first oil at the Liza Phase 2 development in Guyana and Payara FPSO construction is approximately five months ahead of schedule with start-up likely before year-end 2023. An announcement of five new discoveries, increment in the estimated recoverable resource base for the Stabroek block to nearly 11  oil-equivalent barrels were released. Other updates include: Progressed significant lower-emission opportunities, including plans for a world-scale blue hydrogen plant supported by one of the world’s largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin and effective from April 1, further capture benefits of technology, scale, and integration, the corporation formation of ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups.

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