Exxon Releases 1Q:22 Earnings Overview [PDF Downloads]

(Exxon, 29.Apr.2022) — ExxonMobil announced that it earned $5.5bn in first quarter 2022; generated $14.8bn of cash flow from operating activities, more than covering capital investment and shareholder distributions.

Other highlights follow:

Earnings excluding identified items were $8.8bn, an increase of more than $6bn versus the first quarter of 2021, after adjusting for a $3.4bn after-tax charge related to the company’s Russia Sakhalin-1 operation 

Announced increase in share repurchase program up to a total of $30bn through 2023 

Achieved first oil at the Liza Phase 2 development in Guyana; Payara FPSO construction approximately five months ahead of schedule with start-up likely before year-end 2023; announced five new discoveries, increasing the estimated recoverable resource base for the Stabroek block to nearly 11 billion oil-equivalent barrels

Progressed significant lower-emission opportunities, including plans for a world-scale blue hydrogen plant supported by one of the world’s largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin

Effective 1 April, to further capture benefits of technology, scale, and integration, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups

Read the complete 1Q:22 report here.