- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
ExxonMobil earnings double to $5.5 bn on higher oil prices
ExxonMobil's first-quarter profits more than doubled to $5.5 billion, the company reported on Friday, as higher oil prices offset costs connected to exiting its Sakhalin project in Russia.
The oil giant announced in early March a phased withdrawal from the vast Sakhalin offshore oil field, which it has operated since 1995, following Russia's invasion of Ukraine.
The shift resulted in a $3.4 billion hit in one-time costs during the quarter.
But that negative was easily countered by soaring commodity prices, as oil prices hit $130 a barrel during the quarter soon after the Russian invasion.
Natural gas prices were also elevated amid worries over the reliability of Russian supply to Europe.
During the quarter, ExxonMobil's revenues rose 52.4 percent to $87.7 billion.
Besides higher exploration and production earnings, ExxonMobil also saw improvement in its refining division, where tight supplies of gasoline and other petroleum products more than compensated for increased crude prices.
The company touted banner market conditions in refining, saying, "By the end of the first quarter, industry margins improved to levels above the 10-year range, with the tight supply/demand balance expected to persist."
But ExxonMobil and other oil giants have found themselves under fire from congressional Democrats, who plan legislation to punish alleged "profiteering" on the part of oil companies in an effort that petroleum industry officials have dismissed as political posturing.
Shares of ExxonMobil dipped 1.0 percent to $86.30 in pre-market trading.
A.Samuel--CPN