Investing.com - The world’s largest oil and gas company Exxon Mobil Corporation (NYSE:XOM) reported better-than-expected first quarter earnings ahead of Thursday's opening bell, sending its shares higher in pre-market trade.
Exxon said earnings per share came in at $1.17 in the first three months of the year, easily surpassing expectations for earnings of $0.83 per share and down from $2.10 in the same period a year earlier.
The company’s first quarter revenue totaled $67.62 billion, beating forecasts for sales of $53.6 billion and down sharply from sales of $106.33 billion in first quarter of last year.
"Exxon Mobil's balanced portfolio delivered solid financial results in the quarter," said Rex W. Tillerson, chairman and chief executive officer. "Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value," he added.
During the quarter, ExxonMobil produced 4.2 million oil-equivalent barrels per day, an increase of 97,000 barrels per day over the first quarter of 2014.
Volumes were up 2.3%, benefiting from new developments in Papua New Guinea, Canada, Angola, Indonesia, and U.S. onshore liquids plays.
Oil-equivalent production increased 2.3% from the first quarter of 2014, with liquids up 6% and gas down 1.6%.
Following the release of the report, Exxon Mobil shares rose 1.8% in pre-market trade to $89.45 from Wednesday's closing price of $87.87.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures indicated a loss of 0.15% at the open, the S&P 500 futures pointed to a drop of 0.15%, while Nasdaq 100 futures declined 0.4%.
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Exxon Mobil Q1 EPS $1.17 vs. expectations of $0.83
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