Exxon earns US$7.7 billion in first quarter

ExxonMobil Corporation today announced first-quarter earnings for 2025 of US$7.7 billion, attributing its success to key developments in the Guyana oil industry and other international assets.
The company, in a statement, said cash flow from operating activities was US$13.0 billion and free cash flow was US$8.8 billion. Shareholder distributions of US$9.1 billion included US$4.3 billion in dividends and US$4.8 billion in share repurchases, consistent with the company’s announced plans.

First-quarter earnings were lower compared to the US$8.2 billion earned for the same period last year but remained better than expected amidst fading oil prices and an anticipated global slowdown, industry experts said.

Associated Press Finance highlighted that the quarter’s earnings per share of US$1.76 (excluding identified items) beat the Zacks Consensus Estimate of US$1.72, but declined from the year-ago level of US$2.06.

Exxon stated that, “advantaged volume growth in the Permian and Guyana, additional structural cost savings and favourable timing effects mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments and higher expenses from growth initiatives.”

Chairman and Chief Executive Officer Darren Woods told shareholders that in “this uncertain market…(they) can be confident in knowing that the company was built for this.”
He said that the work done to transform the company over the past eight years positions it to excel in any environment.

Meanwhile, ExxonMobil is expected to have its dispute relating to major competitor Chevron Corporation’s takeover of Hess Corporation heard on 26 May, international media Reuters said, citing sources.
The matter is expected to be heard before a three-member panel of the International Chamber of Commerce and will be held in London.

The arbitration case, which has been a point of contention between the United States’ two largest oil producers, centres on Guyana’s lucrative offshore Stabroek block, where the largest oil find of the decade is located.

Chevron’s deal to purchase Hess for some US$53 billion means that the company could acquire Hess’s 30 per cent stake in the offshore block, which it shares with ExxonMobil (45 per cent stake) and CNOOC, which holds a 25 per cent third-party share.

ExxonMobil and CNOOC International have asserted their right of first refusal to Chevron’s all-stock acquisition of Hess, which includes Hess’s 30 per cent stake in the Stabroek block.