US oil giant Exxon Mobil said today first quarter earnings were largely driven by higher US gas prices and refining margins after beating Wall Street forecasts.
Revenues totalled $57.3 billion in the period, up from $54.1 billion in the first quarter of 2000, while capital and exploration expenditures increased 13 per cent to $2.5 billion from $2.2 billion.
The company attributed the increase in first-quarter results to "much" higher US gas prices as a result of growing demand and low inventory levels, a rise in refining margins, as well as to continued improvements in operating efficiencies across the group.
Exxon Mobil chairman Mr Lee Raymond said: "Volumes increased in every business line except for natural gas, which was affected by the controlled shutdown of facilities in the Aceh province of Indonesia."
First quarter results included an after-tax gain of 40 mln usd from asset divestitures that were required as a condition of the merger, while it recorded additional merger expenses of 90 mln usd, the company said.
The company also said it purchased 17.5 million shares of its common stock for $1.442 billionin the first quarter.
AFP