ExxonMobil recorded its highest-ever earnings in the first three months of 2023.
The company announced on Friday that it made $11.4 billion between January and March, more than double its $5.5 billion profits from January through March of 2022.
Still, it’s lower than the profits the company reported last quarter, when it made about $12.8 billion.
In an earnings call, CEO Darren Woods noted that both oil prices and margins for refining oil into fuels like gasoline fell.
He noted that the company supplied the equivalent of 300,000 more barrels of oil to the market than it did in early 2022, including from increased production in Guyana and the Permian Basin in the southwestern U.S.
“Through investments in advantaged assets, mix improvements, and cost and operating discipline, we are delivering the structural earning improvements outlined in our Corporate Plan Update last December, and expanding the energy supplies needed to meet growing global demand,” Woods said, according to a copy of his prepared remarks.
Chevron on Friday also reported high earnings — $6.6 billion. That’s higher than the $6.3 billion the company raked in during the first quarter of 2022 and last quarter’s $6.4 billion.
A company press release said this quarter’s earnings were higher than January through March of 2022 “primarly” because of higher margins on the sale of refined products like gasoline. It said the gains were partially offset by lower gains from oil and gas production.