Exxon Mobil shares fall premarket as earnings hit by $3.4 billion charge relating to planned Russia exit

Exxon Mobil Corp. shares
XOM,
+3.02%
slid 1.2% premarket Friday, immediately after the energy giant missed earnings estimates for the initially quarter as it booked a $3.4 billion demand relating to its prepared exit from Russia’s Sakhalin-1 project. The company posted internet revenue of $5.5 billion, or $1.28 a share, for the quarter, up[ from $2.7 billion, or 64 cents a share, in the 12 months-earlier period. Modified for every-share earnings arrived to $2.07, under the $2.23 FactSet consensus. But revenue pretty much doubled to $90.500 billion from $59.147 billion a 12 months in the past, effectively forward of the $82.839 billion FactSet consensus. Oil-equivalent generation arrived to 3.7 million barrels a day, down 4% from the fourth quarter, thanks to climate-linked unscheduled downtime, planned maintenance, lessen entitlements affiliated with increased selling prices, and divestments. “Earnings greater modestly, as solid margin enhancement and underlying progress was offset by weather and timing impacts,” Chief Govt Darren Woods reported in a statement. “The absence of these short-term impacts in March gives powerful, beneficial momentum for the second quarter.” Shares have received 33% in the yr to date, even though the Dow Jones Industrial Regular
DJIA,
+1.85%
has fallen 6.7% and the S&P 500
SPX,
+2.47%
has fallen 10%.