Exxon profits have doubled in the last year, but the oil giant is taking a big hit from the Russian invasion of Ukraine.
climbed steadily during the first quarter after Russia invaded Ukraine, sending European countries which rely heavily on Russia for energy and others scrambling to find alternative sources for fuel. A barrel of the U.S. benchmark crude rose from $76 to nearly $130 per barrel before ending the quarter at $100, and drivers were filling up with increasingly expensive gasoline.rose too, climbing from $3.50 per million British thermal units to about $5.
Exxon’s production fell to 3.7 million barrels per day of oil-equivalent, down from 4% from the fourth quarter of 2021 due to weather-related unscheduled downtime, planned maintenance and divestments, the company said.After dipping in trading before the opening bell, shares of Exxon Mobil Corp were essentially flat.Also on Friday, Chevron reported a quarterly profit $6.26 billion, more than four times its earnings in the same period last year.
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