Exxon profits surge; loses billions in Russian exit

Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily

NEW YORK -- Exxon Mobil reported $5.48 billion in net income during the first quarter as oil and gas prices rose steadily, doubling its profits compared to the same quarter last year.

But the oil giant took a huge hit as abandoned its Russian operations due to the war, writing down $3.4 billion.

Including that loss, the oil giant reported profits of $1.28 per share, which was well below expectations of analysts polled by Factset, who expected $2.23 per share.

Revenue at the Irving, Texas company was $90.5 billion, which far exceeded the $59.15 in revenue during the same quarter a year ago.