Exxon Beats Q1 Earnings on Oil Price Surge Despite 6% Production Drop

Higher oil prices drove the first-quarter adjusted earnings at ExxonMobil (NYSE: XOM) above the analyst estimates as the jump in prices more than offset lower oil and gas production in the Middle East and Kazakhstan. Exxon on Friday reported adjusted earnings excluding identified items of $4.9 billion, or $1.16 per share. This compares with an analyst consensus estimate of $0.98 EPS in the Wall Street Journal. Total revenues and other income at Exxon rose to $85.14 billion in the quarter, up from $83.13 for the same period of 2025,…