Russia's invasion of Ukraine pushed up oil by 45% last quarter over the final period of 2021, to an average of $114 per barrel, the highest in seven years.
HOUSTON -Exxon Mobil Corp on Monday said its first-quarter results could top a seven-year quarterly record, with operating profits from pumping oil and gas alone of up to $9.3 billion.
Exxon does not hedge, or lock in oil sales, and results generally match changes in energy prices. Russia's invasion of Ukraine pushed up oil by 45% last quarter over the final period of 2021, to an average of $114 per barrel, the highest in seven years. Exxon shares, which have jumped 36% year to date, rose slightly on Monday to $83.16. Official results are expected to be released on April 29, according to a securities filing.
The blockbuster oil and gas profits offer a preview of what lies ahead for other firms' oil earnings. Such results could strengthen calls by U.S. and European Union lawmakers for windfall profit taxes on energy companies.Final results could be dampened by impairments to Exxon's Russian operations. The company last month said it would phase out of Russia following the invasion of Ukraine.
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