ExxonMobil (NYSE:XOM) shares are gaining premarket Friday after it topped first-quarter earnings and revenue estimates.
The oil and gas firm’s earnings came in at $2.83 per share for the quarter, $0.23 better than the analyst estimate of $2.60. Revenue was $86.56 billion, above the consensus estimate of $82.66B.
The company’s results also included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector.
During the quarter, it increased oil and gas net production by nearly 300,000 oil-equivalent barrels per day compared to Q1 2022.
“We are growing value by increasing production from our advantaged assets to meet global demand,” said Darren Woods, chairman and chief executive officer.
“At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company’s growing momentum in providing industrial customers with large-scale emission reduction solutions.”
After climbing over 1% to $116.83 per share on Thursday, XOM is up a further 1% Friday at $118.10, adding to its over 6% year-to-date gains.