Exxon Mobil Corporation’s registered more than double profit in the first three months of this year due to increased demand for oil and gas. The energy major stated cost-cutting measures also contributed to its record US $11.4bn first-quarter profits, up from US $5.5bn a year earlier. The company reported capital and exploration expenditures at US $6.4 billion which is on track to meet the company's full year guidance of US $23 billion to $25 billion.

“Our people's hard work to execute on our strategic priorities delivered a record first quarter following a record year,” said Darren Woods, Chairman and Chief Executive Officer.

“We are growing value by increasing production from our advantaged assets to meet global demand. At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company's growing momentum in providing industrial customers with large-scale emission reduction solutions

The company remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $7.2 billion to date.

According to the release issued by the company, cash flow from operations totaled $16.3 billion, and free cash flow was $11.4 billion for the quarter. The company's debt-to-capital ratio remained at 17% and the net-debt-to-capital ratio declined to about 4%, reflecting a period-end cash balance of $32.7 billion.

The company announced as of year-end 2022, it had reduced greenhouse gas emissions intensity of its operated assets by more than 10% and methane intensity by more than 50% relative to a 2016 baseline.

During the quarter, ExxonMobil’s chemical Products earnings were $371 million, up from $250 million in the fourth quarter last year, mainly on improved margins from strengthening of the North American ethane feed advantage partly offset by higher scheduled maintenance. Compared to the same quarter last year, earnings decreased by $1.0 billion on weaker industry margins and lower sales, reflecting softer market conditions.

The Baton Rouge polypropylene expansion, which started up in December, delivered positive earnings and cash contribution during its first full quarter of operations.