$Exxon Mobil (XOM.US)$ shares are trading lower after Q1 results, with revenues beating expectations at $83.083 billion, but adjusted net profit lower at $8.22 billion, down from $11.62 billion a year ago due to lower industry refining margins and natural gas prices.
Net production stood at 3,784 thousand oil-equivalent barrels per day, vs. 3,831 thousand oil-equivalent barrels per day in the prior-year quarter.
Adjusted EPS stood at $2.06, missing the consensus of $2.20. The company's capital and exploration expenditures stood at $5.84 billion in the first quarter.
The company achieved a cumulative structural cost savings of $10.1 billion vs. 2019, with an additional $0.4 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion by the end of 2027.
Dividend: Exxon declared a second-quarter dividend of $0.95 per share, payable on June 10, to shareholders of record as of May 15.
Darren Woods, chairman and chief executive officer, said, "Looking ahead, we're making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs."
"We are investing in technology to transform the molecules derived from oil and natural gas into products that extend our reach into new, high-value, high-growth markets to capture even greater value from our core competitive advantages."
In April, Exxon Mobil made a final investment decision for the Whiptail development offshore Guyana following receiving the required government and regulatory approvals.