Stocks

ExxonMobil (XOM) Q1 Earnings and Revenues Beat Estimates

Exxon Mobil Corporation’s XOM first-quarter 2021 earnings per share of 65 cents — excluding identified items — beat the Zacks Consensus Estimate of 59 cents and year-ago earnings of 53 cents.

Total revenues of $59,147 million beat the Zacks Consensus Estimate of $55,156 and also improved from the year-earlier figure of $56,158 million.

The strong earnings were owing to higher chemical margins and improved realized commodity prices.

Exxon Mobil Corporation Price, Consensus and EPS Surprise

 

Exxon Mobil Corporation Price, Consensus and EPS Surprise

Exxon Mobil Corporation price-consensus-eps-surprise-chart | Exxon Mobil Corporation Quote

Operational Performance

Upstream

The segment reported quarterly earnings of $2.6 billion, up from profits of $536 million in a year ago comparable quarter. This upside was driven by higher commodity prices.

Operations in the United States recorded a profit of $363 million against a loss of $704 million in the March quarter of 2020. Moreover, the company reported profits of $2.2 billion from non-U.S. operations, which improved from profits of $1.2 billion in the year-ago quarter.

Production: Total production averaged 3.787 million barrels of oil-equivalent per day (MMBoE/D), lower than 4.046 MMBoE/D a year ago, reflecting the impact of winter storm.

Liquid production decreased to 2.258 million barrels per day (MMBbls/D) from 2.480 MMBbls/D in the prior-year quarter. The underperformance was owing to lower production in the United States and Asia. Moreover, natural gas production was 9.173 billion cubic feet per day (Bcf/d), down from 9.396 Bcf/d a year ago due to lower output from the United States.

Price Realization: In the United States, the company recorded crude price realization of $56.20 per barrel, higher than the year-ago quarter’s $42.82. The same metric for non-U.S. operations rose to $53.41 per barrel from the year-ago figure of $41.96. Moreover, natural gas prices in the United States were recorded at $3.36 per thousand cubic feet (Kcf), higher than the year-ago quarter’s $1.69. Also, in the non-U.S. section, the metric improved to $6.13 per Kcf from $5.60 in first-quarter 2020.

Downstream

The segment recorded a loss of $390 million, narrower than the loss of $611 million a year ago, thanks to improved industry fuel margin, partially offset by a decline in refinery throughput.

Notably, ExxonMobil's refinery throughput averaged 3.8 MMBbls/D, lower than the year-earlier level of 4.1 MMBbls/D.

Chemical

This unit recorded $1.4-billion profit, skyrocketing from earnings of $144 million in the year-ago quarter on significantly higher margins from U.S. and non-U.S. operations.

Financials

During the quarter under review, ExxonMobil generated cash flow of $7.6 billion from operations and asset divestments. The company's capital and exploration spending declined 56.1% year over year to $3.1 billion.

At the end of first-quarter 2021, total cash and cash equivalents were $3.5 billion and debt amounted to $63.3 billion.

Guidance

The energy giant reaffirmed its expectations for 2021 capital spending at $16 billion to $19 billion.

Zacks Rank & Other Stocks to Consider

ExxonMobil currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include EOG Resources, Inc. EOG, Diamondback Energy, Inc. FANG and Matador Resources Company MTDR. While EOG Resources and Matador carry a Zacks Rank #2 (Buy), Diamondback sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

EOG Resources is likely to see earnings growth of 272.6% in 2021.

Diamondback is expected to witness earnings growth of 112.5% in 2021.

Matador is likely to see earnings growth of 300% in 2021.

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Exxon Mobil Corporation (XOM): Free Stock Analysis Report
 
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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