5月2日，埃克森美孚（NYSE：XOM）的股票收于106.21美元，股价为0.41％

该公司发布了2025年第一季度结果。埃克森美孚公司报告的收益为77亿美元，依次增长4％，不包括已确定的项目。

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）股票在周一截至周一上涨，此前该公司发布了强劲的第一季度业绩，这使收入和现金流量超过了预期。

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).

埃克森美孚公司报告的收益为77亿美元，依次增长4％，不包括已确定的项目，并且与平均分析师估计。运营的现金流量为130亿美元，领导了该行业，并强调了埃克森美孚公司在综合石油公司（IOC）中的领导地位。

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

该公司的下一个收益预计将在2025年7月31日至8月4日之间。

Exxon Achieves Major Operational and Financial Milestones in Q1

埃克森美孚在第一季度实现了主要的运营和财务里程碑

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年以来，埃克森美孚（Exxon）节省了127亿美元的结构性成本，平均每年25亿美元。在本季度，该公司完成了18亿美元的资产销售，总计50亿美元的撤资，这是提前计划的。

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.

埃克森美孚还保持了强大的资产负债表，到本季度末，净债务比率为7％，这是大型工业和主要IOC中最好的。相比之下，大型工业平均28％，主要石油和天然气公司的平均水平为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%.

股东收益仍然是优先事项，本季度分配了91亿美元，其中包括48亿美元的股票回购。在过去的三年中，埃克森美孚（Exxon）产生了超过680亿美元的自由现金流，占其当前市值的25％。这使该公司能够提供60％的总股东回报率和17％的复合年增长率。

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）正在投资未来的增长项目，例如中国世界规模的化学厂和高级回收单元，这些单元预计将于2026年在线上进行。这些倡议与其低碳过渡计划保持一致，并旨在增强其在不断发展的能源市场中的地位。

Risks From Tariffs, OPEC, and Legal Battles

关税，欧佩克和法律斗争的风险

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.

尽管取得了可靠的结果，但埃克森美孚还是面临着显着的挑战。关税和欧佩克供应量的潜在不确定性持续不确定性，这给能源价格和利润率带来了压力。

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.

尤其是化学药品部门暴露于全球增长和增加的贸易壁垒，这可能会影响未来的季度收入。法律风险也正在出现，例如埃克森美孚针对欧盟的意外利润税的诉讼。

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.

尽管管理层认为税收是不合理的，但长期的法律斗争可能会分散战略计划，并权衡投资者的情绪。另一个关键重点是Baytown Blue氢气项目，该项目在确保Offtake协议方面遇到困难。

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.

这种挫折可能会妨碍埃克森美孚更广泛的低碳战略的进展，并且迅速解决它对于公司在2025年下半年保持势头至关重要。