5月2日，埃克森美孚（NYSE：XOM）的股票收於106.21美元，股價為0.41％

該公司發布了2025年第一季度結果。埃克森美孚公司報告的收益為77億美元，依次增長4％，不包括已確定的項目。

Exxon Mobil (NYSE:XOM) shares closed higher on Monday after the company posted strong first-quarter results that saw earnings and cash flow exceed expectations.

埃克森美孚（Exxon Mobil）（NYSE：XOM）股票在周一截至週一上漲，此前該公司發布了強勁的第一季度業績，這使收入和現金流量超過了預期。

Exxon reported earnings of $7.7 billion, up 4% sequentially, excluding identified items, and in line with the average analyst estimate. Cash flow from operations came in at $13 billion, leading the industry and highlighting Exxon’s leadership among integrated oil companies (IOCs).

埃克森美孚公司報告的收益為77億美元，依次增長4％，不包括已確定的項目，並且與平均分析師估計。運營的現金流量為130億美元，領導了該行業，並強調了埃克森美孚公司在綜合石油公司（IOC）中的領導地位。

The company’s next earnings are expected between July 31 and August 4, 2025.

該公司的下一個收益預計將在2025年7月31日至8月4日之間。

Exxon Achieves Major Operational and Financial Milestones in Q1

埃克森美孚在第一季度實現了主要的運營和財務里程碑

Since 2019, Exxon has delivered $12.7 billion in structural cost savings, at an annual average of $2.5 billion. During the quarter, the company completed $1.8 billion in asset sales, reaching a total of $5 billion in divestments, which is ahead of schedule.

自2019年以來，埃克森美孚（Exxon）節省了127億美元的結構性成本，平均每年25億美元。在本季度，該公司完成了18億美元的資產銷售，總計50億美元的撤資，這是提前計劃的。

Exxon also maintained a robust balance sheet, with a 7% net debt to capital ratio at the end of the quarter, the best among large-cap industrials and major IOCs. This compares favorably to an average of 28% for large-cap industrials and 18% for major oil and gas companies.

埃克森美孚還保持了強大的資產負債表，到本季度末，淨債務比率為7％，這是大型工業和主要IOC中最好的。相比之下，大型工業平均28％，主要石油和天然氣公司的平均水平為18％。

Shareholder returns remained a priority, with $9.1 billion distributed during the quarter, including $4.8 billion in share buybacks. Over the past three years, Exxon has generated free cash flow of more than $68 billion, which is greater than 25% of its current market cap. This has enabled the company to deliver a total shareholder return of 60% and a compound annual growth rate of 17%.

股東收益仍然是優先事項，本季度分配了91億美元，其中包括48億美元的股票回購。在過去的三年中，埃克森美孚（Exxon）產生了超過680億美元的自由現金流，佔其當前市值的25％。這使該公司能夠提供60％的總股東回報率和17％的複合年增長率。

Exxon is investing in future growth projects, such as a world-scale chemical plant in China and advanced recycling units, which are expected to come online in 2026. These initiatives align with its low-carbon transition plans and aim to strengthen its position in the evolving energy market.

埃克森美孚（Exxon）正在投資未來的增長項目，例如中國世界規模的化學廠和高級回收單元，這些單元預計將於2026年在線上進行。這些倡議與其低碳過渡計劃保持一致，並旨在增強其在不斷發展的能源市場中的地位。

Risks From Tariffs, OPEC, and Legal Battles

關稅，歐佩克和法律鬥爭的風險

Despite the solid Q1 results, Exxon faces notable challenges. The ongoing uncertainty around tariffs and a potential rise in OPEC supply are putting pressure on energy prices and margins.

儘管取得了可靠的結果，但埃克森美孚還是面臨著顯著的挑戰。關稅和歐佩克供應量的潛在不確定性持續不確定性，這給能源價格和利潤率帶來了壓力。

The chemicals division, in particular, is exposed to slowing global growth and increasing trade barriers, which could affect earnings in future quarters. Legal risks are also emerging, such as Exxon’s lawsuit against the European Union’s windfall profits tax.

尤其是化學藥品部門暴露於全球增長和增加的貿易壁壘，這可能會影響未來的季度收入。法律風險也正在出現，例如埃克森美孚針對歐盟的意外利潤稅的訴訟。

Although management views the tax as unjustified, prolonged legal battles could distract from strategic initiatives and weigh on investor sentiment. Another critical focus is the Baytown Blue Hydrogen project, which is encountering difficulties in securing offtake agreements.

儘管管理層認為稅收是不合理的，但長期的法律鬥爭可能會分散戰略計劃，並權衡投資者的情緒。另一個關鍵重點是Baytown Blue氫氣項目，該項目在確保Offtake協議方面遇到困難。

This setback could hamper progress on Exxon’s broader low-carbon strategy, and resolving it quickly will be crucial for the company to maintain its momentum in the second half of 2025.

這種挫折可能會妨礙埃克森美孚更廣泛的低碳戰略的進展，並且迅速解決它對於公司在2025年下半年保持勢頭至關重要。