Exxon Beats Q1 Profit Estimate As Pioneer Acquisition Fuels 20% Production Boost -- MarketWatch

Exxon Mobil Corp.'s stock rose 0.9% in premarket trading Friday after the oil giant topped analyst estimates for its first-quarter profit.

Production increased 20% to 4.55 million oil-equivalent barrels a day with a boost of 767,000 barrels attributed largely to the company's acquisition of Pioneer Natural Resources in the past year, Exxon Mobil said.

Exxon's first-quarter profit fell to $7.7 billion, or $1.76 a share, from $8.22 billion, or $2.06 a share in the year-ago quarter. Exxon Mobil beat the FactSet consensus estimate of $1.75 a share for its first-quarter profit.

Exxon Mobile booked volume growth in the Permian and Guyana and benefitted from cost-saving efforts.

However, it also faced a "significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments and higher expenses from growth initiatives," the company said.

-Steve Gelsi

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May 02, 2025 06:51 ET (10:51 GMT)

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