Exxon Mobil Earns $4Bln in 1st Quarter, Doubles Previous Year’s Earnings

© AP Photo / Pat Sullivan. FileIn this April 16, 2010 file photo, steam rises from towers at an Exxon Mobil refinery in Baytown, Texas
In this April 16, 2010 file photo, steam rises from towers at an Exxon Mobil refinery in Baytown, Texas - Sputnik International
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Exxon Mobil announced estimated first quarter 2017 earnings of $4 billion, or $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations, according to official statement.

In this April 16, 2010 file photo, steam rises from towers at an Exxon Mobil refinery in Baytown, Texas - Sputnik International
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WASHINGTON (Sputnik) — Exxon Mobil’s quarterly report reveals it earned $4 billion during the first quarter of 2017, more than doubling its earnings from the previous year, the oil company said in a press release on Friday.

"Exxon Mobil Corporation today announced estimated first quarter 2017 earnings of $4 billion, or $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations," the release stated.

The $4 billion in earnings marks a 122 percent increase over the first quarter of 2016.

Upstream, or exploration and production, earnings improved to $2.3 billion due to higher liquid and gas realizations.

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Increased refinery throughput helped downstream — refining and processing — earnings reached $1.1 billion.

Exxon CEO Darren Woods said the results reflected an increase in commodity prices and the company's focus on controlling costs. Exxon spent $4.17 million on capital and exploration compared to $5.13 million in 2016.

The report came one week after US Treasury Secretary Steven Mnuchin said Exxon would not receive a sanctions waiver to pursue a joint venture with the Russian oil giant Rosneft.

Woods said Exxon would continue to make strategic acquisitions and fund long-term growth projects.

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