Exxon Mobil's Stock Climbs After Profit, Sales Decline Much Less Than Expected

Exxon Mobil Corp.'s stock climbed 1.4% in premarket trade Thursday, after the oil giant reported first-quarter profit and sales that declined from year-ago levels, but were well above expectations. Earnings for the quarter ended March came in at $4.94 billion, or $1.17 a share, compared with $9.1 billion, or $2.10 a share, a year ago. That beat the FactSet consensus of 82 cents a share. Revenue dropped to $67.62 billion from $106.3 billion, but was above the FactSet consensus of $53.6 billion. Production was 4.2 million oil-equivalent barrels per day, an increase of 97,000 from a year ago, and compared with the FactSet consensus of 4.17 million barrels per day, while volumes increased 2.3%. "ExxonMobil's balanced portfolio delivered solid financial results in the quarter," said Chief Executive Rex W. Tillerson. "Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value." The stock has lost 5% year to date, while the Dow Jones Industrial Average has edged up 1.2%.