Exxon Mobil Corp profits for the first quarter surpassed Wall Street estimates as cold weather across much of the US helped carry gas prices.
The winter weather that affected most of the US in the first two months of 2014 helped increase in demand for the firm’s natural gas, with average US prices going up 42% and canceling out a decline in world production.
Global prices for the commodity surged as well, while the price given to the firm for its crude oil plummeted both in the US and international markets, according to Reuters.
Exxon Mobil posted a net income of $9.10 billion or $2.10 per share for the first quarter. That compares with $9.50 billion or $2.12 per share the company raked in a year ago within the quarter.
The results beat analysts’ estimates for earnings of $1.88 per share.
The firm’s total production dropped about 6% to 4.2 million barrels of oil per day equivalent.
It reported slow margins in its refining and chemicals arms. Partly, the tumble is attributed to a decline in production at its Baytown, Texas-based refinery, which has a capacity for 560,500 barrels per day. That followed an oil barge spill that resulted into March shutdown of the Houston Ship Channel.
The firm did not touch on the events in Ukraine which involve Russia.
“Cash flow looks good and their projects are proceeding on schedule, so all in all it was a good quarter,” Brian Youngberg of Edward Jones & Sons in St Louis is quoted by Bloomberg as saying.
The company’s revenue was $106.8 billion after plunging 1.5%.
Exxon has set aside up to $39.8 billion to finance projects in 2014. The capital will finance ventures such as well explorations in Russia under a deal with Rosneft of Russia.
The CEO of Rosneft is one of the individuals targeted by international sanctions against Russia over Ukraine.
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