Exxon Mobil Corp. (NYSE:XOM) reported a decline in first-quarter earnings, reflecting softer profitability amid a complex operating environment and ongoing market pressures.
Adjusted earnings were $4.9 billion, or $1.16 per share, while earnings excluding identified items and estimated timing effects were $8.8 billion, or $2.09 per share.
The company beat expectations, with adjusted EPS of $1.16 exceeding the $1.15 estimate.
Revenue and Cash Flow
Total revenues and other income rose to $85.14 billion from $83.13 billion a year earlier, beating estimates of $82.18 billion.
Cash flow from operations was $8.7 billion, down from $12.95 billion a year earlier, or $13.8 billion excluding margin postings, and free cash flow was $2.7 billion, compared with $8.84 billion a year earlier.
The company ended the quarter with $8.4 billion in cash and $47.7 billion in total debt. Debt-to-capital was 15.4%, and net-debt-to-capital was 13.1%.
Cash capital expenditures were $6.2 billion, in line with full-year guidance of $27 billion to $29 billion.
Upstream and LNG Operations
Upstream earnings were …