Despite $3.4B hit for exiting Russia ExxonMobil profits soar
NORTH TEXAS (CBSDFW.COM/CNN) - Irving-based ExxonMobil took at $3.4 billion hit for exiting its business in Russia in the first quarter, but it still posted sharply higher profits on high oil prices
Revenue at ExxonMobil soared 53% to $90.5 billion. Even with the charge for exiting Russia, net income doubled to more than $5.4 billion. And excluding special items, it's income more than tripled to $8.8 billion from $2.7 billion a year earlier.
But its earnings per share excluding special items were slightly lower than forecast by analysts surveyed by Refinitiv. Shares of ExxonMobil were down about 2% in premarket trading on the report.
In January, ExxonMobil announced that it is moving its corporate headquarters from Irving to its campus north of Houston in 2023.
