ExxonMobil Beats Convincingly on Q1 Revenue, Earnings

Are the fortunes of the beleaguered energy sector turning around? ExxonMobil (NYSE: XOM) provided fuel for cautious optimism on that question with a better-than-expected first quarter, the results of which it published Friday morning.

The oil and gas giant earned $59.15 billion in total revenue during the quarter, which was 5% higher than the Q1 2020 tally. That was on production of 3.8 million oil-equivalent barrels per day. Although that metric was down by over 6% from the year-ago period, it was 3% higher on a quarter-over-quarter basis.

As for the bottom line, non-GAAP (adjusted) net income headed north, rising by a sturdy 21% year over year to 2.76 billion ($0.65 per share).

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Source Fool.com