ExxonMobil announced on Friday the estimated first-quarter net income of $5.48 billion, including loss of $3.4 billion associated with company's planned exit from Russian operations.
First-quarter capital and exploration expenditures of the company totaled $4.9 billion, the company said in its first quarter results.
The company generated $14.8 billion of cash flow from operating activities, 'more than covering capital investment and shareholder distributions.'
Total revenues and other income reached $90.50 billion for the first three months of the year.
Oil-equivalent production was 3.7 million barrels per day, down 4% from the last quarter of 2021, 'due to weather-related unscheduled downtime, planned maintenance, lower entitlements associated with higher prices, and divestments,' ExxonMobil said.
ExxonMobil also intensified its involvement in clean energy in the first quarter. In January, the company announced its ambition to achieve net-zero greenhouse gas emissions from operated assets by 2050.
The company will expand carbon capture capacity at its natural gas facility in Wyoming by adding up to 1.2 million metric tons to the nearly 7 million metric tons already captured each year.
Additionally, ExxonMobil announced plans for its first world-scale blue hydrogen plant in Texas. The proposed plant would produce up to 1 billion cubic feet per day of blue hydrogen and include one of the world’s largest carbon capture and storage projects.
By Zeynep Beyza Kilic