Exxon Warns Export Bans Could Tighten Supply; Q1 Net Income Slumps 46%
Exxon CEO Darren Woods warned national fuel-export bans by China, Russia and South Korea may restrict global supply and prolong supply shocks resulting from Middle East disruptions. In Q1, U.S. GAAP net income plunged to $4.18 billion on timing effects despite adjusted earnings beating estimates with $85.14 billion in revenue.
1. CEO Warns of Supply Constraints from Export Bans
Darren Woods cautioned that export restrictions by China, Russia and South Korea on diesel and other fuels risk tightening global markets already disrupted by the Middle East conflict. He said measures such as windfall profit taxes, price caps and export bans could limit fuel flows and extend the current supply shock.
2. Q1 Net Income Falls to $4.18 Billion Despite Adjusted Beat
Exxon reported U.S. GAAP net income of $4.18 billion for the quarter ended March 31, down from $7.71 billion a year earlier, marking its lowest first-quarter profit since 2021. Adjusted earnings of $1.16 per share topped estimates, supported by $85.14 billion in revenue, but were offset by $3.9 billion in timing effects and a $0.7 billion identified item.