Markets
markets
Matt Phillips

ExxonMobil Q1 results beat estimates as increased oil production in Guyana offset disruptions in the Middle East

Exxon rose early Friday after reporting better-than-expected first-quarter results as increased oil production in Guyana helped offset disruptions in the Middle East.

The largest US energy company by revenue reported:

  • Q1 revenue of $85.1 billion vs. analysts’ $81.13 billion consensus expectation, per FactSet.

  • Adjusted earnings per share of $1.16 vs. the $0.98 analysts had predicted, according to FactSet. That was down from $1.76 a year earlier.

  • Global production of 4.6 million oil-equivalent barrels per day, roughly in line with Wall Street expectations. Guyana set a new quarterly production record of more than 900,000 gross barrels of oil per day, the company said.

Exxon Mobil had previously flagged that the Mideast war would disrupt its operations. In an SEC filing in April, the company reported that operations in Qatar and the United Arab Emirates — which accounted for roughly 20% of its energy production in 2025 — had been upended by the war, saying that it expected the disruptions would cut energy production by roughly 6% in the first quarter, compared to Q4 2025.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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