Summary
ExxonMobil Corporation (XOM) reported a strong first quarter of 2022, with net income attributable to shareholders more than doubling to $5.48 billion, or $1.28 per diluted share, compared to $2.73 billion, or $0.64 per diluted share, in the same period of 2021. This significant increase was primarily driven by higher Upstream realizations and Downstream margins, reflecting favorable market conditions characterized by tight supply and increasing demand for petroleum and petrochemical products, further exacerbated by geopolitical events. The company's financial performance was significantly impacted by a $3.4 billion after-tax charge related to the impairment of its operations in Russia due to the planned exit from the Sakhalin-1 project following Russia's military action in Ukraine. Despite this charge, the core business segments demonstrated robust operational and financial performance. Cash flow from operating activities also saw a substantial increase, supporting capital expenditures, dividends, and share repurchases, indicating a healthy liquidity position and a commitment to returning value to shareholders.
Financial Highlights
42 data points| Revenue | $87.73B |
| SG&A Expenses | $2.41B |
| Operating Expenses | $81.94B |
| Interest Expense | $188.00M |
| Net Income | $5.48B |
| EPS (Basic) | $1.28 |
| EPS (Diluted) | $1.28 |
| Shares Outstanding (Basic) | 4.27B |
Key Highlights
- 1Net income attributable to ExxonMobil more than doubled to $5.48 billion ($1.28 per diluted share) in Q1 2022 from $2.73 billion ($0.64 per diluted share) in Q1 2021.
- 2The company recorded a significant after-tax charge of $3.4 billion related to the impairment of its Sakhalin-1 operations in Russia, impacting net income.
- 3Total revenues and other income surged to $90.5 billion in Q1 2022, a substantial increase from $59.1 billion in Q1 2021, driven by higher commodity prices and stronger downstream margins.
- 4Cash provided by operating activities increased significantly to $14.8 billion in Q1 2022, up from $9.3 billion in Q1 2021, reflecting improved earnings.
- 5ExxonMobil returned $3.8 billion to shareholders via dividends and repurchased $2.1 billion of common stock in Q1 2022, signaling a strong commitment to capital return.
- 6Capital and exploration expenditures increased to $4.9 billion in Q1 2022, with plans to invest $21 billion to $24 billion in 2022, focusing on advantaged projects.
- 7The company is increasing its share repurchase program to up to $30 billion through 2023, indicating confidence in its financial strength and future outlook.