Exxon Mobil doubled its first-quarter per-share profit today, boosted by surging oil and gas prices even as it took a $3.4 billion writedown from its planned exit from its Russian operations.
The top US oil producer also said it had kicked off a previously announced buyback program and expects to repurchase up to $30 billion in shares by the end of next year.
Exxon reported net income of $5.48 billion, or $1.28 per share, in the three months ended March 31, compared with $2.73 billion, or 64 cents per share, last year.
The results included a $3.4 billion after-tax hit on the oil major's Russia Sakhalin-1 operation, which it said it would exit on March 1, shortly after Moscow's invasion of Ukraine on February 24.
Exxon's output of crude and other liquids including bitumen and synthetic oil was 2.3 million barrels per day, a 5% drop from the previous quarter.
Natural gas production fell by 1.5%, it added.
