Exxon Mobil Q1 earnings beat expectations, shares up slightly

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM+0.3% premarket after Q1 earnings fell 4.2% Y/Y but beat Wall Street estimates, as higher natural gas prices offset a dip in oil production.

Q1 earnings from XOM's E&P business rose 11% to $7.8B, reflecting higher natural gas price realizations.

Production fell 5.6% Y/Y on an oil-equivalent basis; excluding the impact of the Abu Dhabi onshore concession expiration, production fell 2.9%..

Refining and marketing earnings tumbled 47% to $813M on weaker margins, mostly in its refining business; chemical segment earnings fell 7.9% to $1.05B.

Q1 capex totaled $8.4B, down 28% Y/Y, reflecting the absence of the $3.1B Celtic Exploration acquisition.