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Exxon Mobil reversed losses it suffered last year during the pandemic with a profit of $ 6.75 billion from last quarter as demand pushes the price of a barrel of crude beyond 80 $ unprecedented in years. The oil and gas company organization bought $ 1.57 per share, or $ 1.58 if one-time items are removed. It beat Wall Street’s assumptions by a dime, as a review by Zacks Investment Research indicates. A year earlier, he lost $ 680 million, or 15 cents for each share. Exxon does not change its reported results based on one-time events such as resource agreements.
Revenue was $ 73.79 billion, also exceeding expectations.
Stocks rose slightly before the market opened on Friday.
Oil equivalent production rose 4% to 3.7 million barrels per day.
The energy sector has far outpaced the broader market in 2021. Energy stocks on the S&P 500 are up more than 50%, compared to a gain of around 20% for the overall index.
Oil companies were under pressure during the pandemic to cut back on drilling after demand fell because so many people were staying at home. Prices have fallen and exploration and production budgets have been reduced. This resulted in less oil and gas in the market and in storage, which pushed up prices. But things have started to change as people get vaccinated, go back to their offices and start traveling.
Exxon has said it is considering investing in low-carbon business ventures. Its low-carbon investments are expected to be around $ 15 billion from 2022 to 2027. But the company, along with others in the sector, is increasingly criticized over climate change.
On Thursday, ExxonMobil CEO Darren Woods said his company “is not spreading misinformation about climate change,” as he and other heads of oil companies have denied congressional claims that the industry has concealed evidence of its dangers.
Woods was among senior officials from four major oil companies testifying as Congressional Democrats investigate what they describe as a decades-long, industry-wide campaign to spread misinformation about the role of fossil fuels in global warming.
Summary of the news:
- Profitable Exxon Springs as the global economy recovers
- Check out all the news and articles for the latest business news updates.
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