ExxonMobil (NYSE: XOM) reported Q1 EPS of $0.65, $0.06 better than the analyst estimate of $0.59. Revenue for the quarter came in at $59.15 billion versus the consensus estimate of $54.6 billion.

First Quarter 2021 Results and Management Perspectives

• Cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures, and drove debt reduction of over $4 billion
• Lowered cash operating expenses versus the first and fourth quarters of 2020; on pace to deliver additional structural cost savings
• Advanced several initiatives to reduce emissions and launched Low Carbon Solutions business to commercialize extensive low-carbon technology portfolio
• Added three new directors to strengthen board experience in energy, capital allocation and complex business transitions

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive officer. “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonize industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions.”

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