Summary
ExxonMobil Corporation (XOM) reported its first quarter 2024 financial results, showing a decrease in net income attributable to shareholders to $8.22 billion ($2.06 per diluted share) from $11.43 billion ($2.79 per diluted share) in the first quarter of 2023. This decline was primarily driven by lower industry refining margins and reduced natural gas prices, which impacted the Energy Products and Upstream segments, respectively. Total revenues also saw a dip to $83.08 billion from $86.56 billion year-over-year. The company continued its strategic capital allocation, with capital and exploration expenditures totaling $5.8 billion for the quarter, slightly down from the previous year. ExxonMobil also returned significant capital to shareholders, with $3.8 billion distributed through dividends and $3.0 billion used for share repurchases. The company maintains a strong balance sheet, with a debt-to-capital ratio of 16.0% and net debt-to-capital ratio of 3.2% at the end of the quarter. The anticipated merger with Pioneer Natural Resources remains on track for a second quarter 2024 closing, expected to enhance production and capital efficiency.
Financial Highlights
41 data points| Revenue | $83.08B |
| SG&A Expenses | $2.50B |
| Operating Expenses | $70.71B |
| Interest Expense | $221.00M |
| Net Income | $8.22B |
| EPS (Basic) | $2.06 |
| EPS (Diluted) | $2.06 |
| Shares Outstanding (Basic) | 4.00B |
Key Highlights
- 1Net income attributable to ExxonMobil decreased to $8.22 billion in Q1 2024 from $11.43 billion in Q1 2023, primarily due to lower refining margins and natural gas prices.
- 2Earnings per diluted share (EPS) declined to $2.06 in Q1 2024 from $2.79 in Q1 2023.
- 3Total revenues and other income decreased to $83.08 billion in Q1 2024 from $86.56 billion in Q1 2023.
- 4Capital and exploration expenditures were $5.8 billion in Q1 2024, down from $6.4 billion in Q1 2023.
- 5The company returned $3.8 billion to shareholders via dividends and repurchased $3.0 billion in common stock during Q1 2024.
- 6The proposed merger with Pioneer Natural Resources is progressing towards an expected close in the second quarter of 2024.
- 7Total liabilities increased slightly to $164.87 billion as of March 31, 2024, from $163.78 billion as of December 31, 2023, while total equity increased to $213.05 billion from $212.54 billion.