A snapshot of Exxon Mobil’s quarter ended March 31 showed operating profits from its oil and gas unit could jump by between $1.9-billion and $2.7-billion over the prior quarter’s $6.6-billion
on Monday signalled first quarter production results could top a seven-year quarterly record, with operating profits from pumping oil and gas of up to $9.3-billion.
Exxon does not hedge, or lock in oil sales, and results generally match changes in energy prices. Russia’s invasion of Ukraine pushed up oil by 45 per cent last quarter over the final period of 2021, to an average of $114 per barrel, the highest in seven years. Final results could be dampened by impairments to Exxon’s Russian operations. The company last month said it would phase out of Russia following the invasion of Ukraine. The oil company has $4-billion in assets at risk to potential seizure and faces a 1 per cent to 2 per cent hit to production and revenue from the move.
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