Exxon Mobil Tops Earnings Estimates, Boosts Dividend

CNBC

Exxon Mobil reported quarterly earnings and revenue that topped market expectations on Thursday, helping the company to distribute $7.6 billion worth of dividends and buybacks to shareholders.

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The world's most valuable company, as measured by market capitalization, saw oil production fall by 3.5 percent during the first quarter, amid volatile global oil markets. However, Exxon ramped up capital on exploration during the quarter, to $11.8 billion — up 33 percent from the comparable year-ago period.

After the earnings announcement, the company's shares climbed slightly in pre-market trading. (Click here for the latest quotes: XOM)

The company posted first-quarter earnings excluding items of $2.12 per share, up from earnings of $2.00 a share in the year-earlier period.

Analysts expected Exxon Mobil to report earnings of $2.05 a share on revenue of $11.98 billion, according to estimates from Thomson Reuters.

Exxon's chemical profits rose 62 percent during the quarter. Meanwhile, U.S. oil production accounted for the majority of the company's product sales, reflecting the recent energy boom in the world's largest economy.


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