Energy major Exxon Mobil (NYSE:XOM) has delivered a better-than-expected first-quarter performance on the bottom line front.
During the quarter, revenue slid 4.4% year-over-year to $86.56 billion, missing the mark by $3.51 billion. EPS at $2.83, on the other hand, came in ahead of estimates by $0.23. The company saw a sequential impact from increased scheduled maintenance and lower liquids and natural gas realizations. This was partially offset by increased volumes, better mix, and cost rationalization.
Further, Exxon upped oil and gas net production by about 300,000 oil-equivalent barrels a day and achieved a 100% capacity of 250,000 barrels a day at its Beaumont refinery. At the same time, the company continues to grow its low-carbon solutions vertical with solutions for large-scale emission reduction to its Industrial customers.
Overall, the Street has a $129.50 consensus price target on Exxon, implying a potential upside of 10.8% in the stock. That’s on top of an 11.7% rise in the share price over the past month alone.
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