ExxonMobil earnings: The big oil stock reports disappointing Q1 financial results

Today, on April 26^th, energy company ExxonMobil (NYSE: XOM) reported its Q1 2024 financial results before US markets opened.

Exxon follows fellow big oil stock TotalEnergies, which reported its earnings earlier this morning, and is soon to be followed by Chevron Corp and Philips 66 in what is easily the biggest day for oil this earnings season.

The company reported earnings of $8.2 billion in Q1, up from Q4's disappointing results but nevertheless down year-on-year from the $11.4 billion earned in Q1 of 2023.

Earnings per common share were at $2.06, again down from the previous Q1's EPS of $2.79.

However, they were an improvement on Q4's EPS of $1.91.

The company also reported cash flow from operations of $14.7 billion and free cash flow of $10.1 billion in the first quarter.

Dividends

ExxonMobil also declared a second-quarter dividend of $0.95 per share, payable on June 10, 2024, to shareholders of record of Common Stock.

This will be payable at the close of business on May 15th, 2024.

Headwinds affecting profits

In a press release announcing the results, the company had the following to say about the results:

Expectations ahead of earnings

Invezz analyst Ritesh A was cautious ahead of Exxon's publishing of their financial results today, saying the following:

Read Ritesh A's full ExxonMobil analysis

Previous earnings

ExxonMobil had a negative set of Q4 financial results, with earnings down severely year-on-year, dropping over $5 billion to $7.63 billion in Q4 2023.

EPS per common share also slid dramatically, almost halving from $3.09 in Q4 2022 to $1.91 per share in Q4 2023.