ExxonMobil These are some of the largest companies in the world, pulling in billions of profits; yet none will owe a cent in federal income taxes. ", Exxon Mobil, Total assets of ExxonMobil from 2001 to 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/281181/total-assets-of-exxon-mobil/ (last visited May 02, 2023), Total assets of ExxonMobil from 2001 to 2022 (in million U.S. dollars) [Graph], Exxon Mobil, March 31, 2023. Indeed, that did happen following the announcement of the production cuts, but it did not last as recession fears continue to weigh on the market. Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. American Progress would like to acknowledge the many generous supporters who make our work possible. Power Hedge is an independent stock research and analysis firm with a passion for macro- and microeconomic analysis. There are some signs that energy prices will rise over the remainder of the year due to declining supply. Annual stock financials by MarketWatch. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. ExxonMobils effective federal income tax rate was 2.8 percent in 2021, with $9.3 billion in U.S. earnings and $236 million in federal income taxes. Exxon Mobil revenue is $402.2B annually. The fact that Exxon Mobil was able to largely offset the negative impact of these prices through strong performance in other areas of its business speaks well about the company. View the latest XOM financial statements, income statements and financial ratios. The laws of economics state that this should cause crude oil prices to go up. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. The company reported a loss of 5 cents per share and revenue of $460.16 million against consensus estimates of 7 cents and $441 million, according to Refinitiv. The record first-quarter GAAP net income of $11.4 billion was more than twice what it earned in the year-ago quarterly period. This peak value was achieved in 2012. Income statements, balance sheets, cash flow statements and key ratios. ExxonMobil Revenue Chevron, ExxonMobil Financials Reports Highlight 2023 This is a modified version of the familiar price-to-earnings ratio that takes a companys earnings per share growth into account. After all, lower energy prices mean that the company was forced to sell its products for less than it did during the prior-year quarter. The Motley Fool has positions in and recommends Linde Plc. This may make it feel as though you are getting poorer and poorer with the passage of time, even if your portfolio does not actually go down in total value. , earlier this month the Organization of Petroleum Exporting Countries agreed to reduce its output by one million barrels per day in May, which comes on the heels of a two-million barrel per day cut back in October 2022. The company showed in its earnings presentation that lower crude oil and natural gas prices reduced its net income by $1.440 billion in the first quarter compared to the fourth quarter of 2022: Thus, the lower resource prices clearly were the biggest drag on the companys financial performance during the quarter.
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