US Energy giant ExxonMobil posted a huge income rise for the first quarter of 2021 with $2.7 billion, compared with a loss of $610 million in the same three-month period of last year, according to its financial results statement released on Friday.
“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” Darren W. Woods, chairman and chief executive officer, was quoted as saying in the statement.
The company said the severe weather event in Texas in February reduced first quarter earnings by nearly $600 million across all businesses from decreased production and lower sales volumes, repair costs, and the net impact of energy purchases and sales.
The company also recorded a $20.1 billion and $22.4 billion loss for the fourth quarter and full year 2020, respectively.
-Revenue up about 5.3% in 1Q21
The revenue of the US’ largest oil company for the January-March period increased by 5.3% and reached $59.1 billion after registering $56.1 billion for the same quarter of 2020.
Full-year 2020 revenue of the company had amounted to $181.5 billion, marking a 31.5% fall from $265 billion in 2019.
By Sibel Morrow