April 26, 2024 11:03 GMT
Exxon (Aa2/AA-) Production Figures In Line; Earnings Miss While FCF Beats
ENERGY SECTOR
- Q1 revenue ~3.5% ahead at -3.9% YoY with daily production in line with consensus at 3784kboepd vs. 3831kboepd in Q123. Equity may be unhappy with EPS of 2.06 against the BBG consensus of 2.19, seemingly driven by refining margins and lower natural gas prices.
- OCF of USD 14.7bn compares to USD 16.3bn in Q123; FCF came in nearly one third ahead of BBG consensus at USD 10.1bn vs. USD 11.4bn in Q123. Expected USD 3bn negative WC contribution in Q2.
- No changes to FY production guidance due to maintenance in Q2. Pioneer deal anticipated to close in Q2.
- EUR spreads muted.
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