Home Business ExxonMobil Reports Record Q1 Profits of $11.4bn
ExxonMobil Reports Record Q1 Profits of $11.4bn
ExxonMobil has reported a record $11.4 billion profit for the first quarter of 2023, more than double the $5.5 billion it made in the same period a year earlier.
The US energy company attributed the increase to greater demand for oil and gas and cost-cutting measures.
The jump came despite falling oil prices and a $200 million windfall tax hit in Europe.
Rival Chevron also reported a rise in profits. Exxon paid $8.1 billion in dividends and share buybacks to shareholders, including a $3.4 billion after-tax reduction to exit Russia.
It is suing the EU over its windfall tax on oil firms.
source;thisdaylive.com
link; https://www.thisdaylive.com/index.php/2023/05/02/exxonmobil-reports-record-q1-profits-of-11-4bn/
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