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00:03ExxonMobil beat first quarter adjusted earnings estimates, but unadjusted profit fell to a five
00:09year low due to shipment disruptions from the Iran war and hedging related losses, according to
00:14Reuters. The oil major reported first quarter adjusted earnings of $1.16 per share, beating
00:21the $1 estimate, while net income fell to $4.2 billion from $7.7 billion a year earlier.
00:27Earnings were $2.09 per share, when also excluding short term negative impacts from financial
00:34derivatives. The adjusted results excluded a $700 million loss from undelivered cargos tied
00:41to the Middle Eastern conflict. Higher oil prices and increased production from the Permian Basin
00:46and Guyana offset production disruptions in the Middle East. Executives warned Middle East
00:51disruptions could continue to impact production and timing effects.
00:55For all things money, visit Benzinga.com.
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