Exxon Mobil   (NYSE:XOM) Corporation today announced estimated first quarter 2021  earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first  quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming  dilution.  First  quarter  capital  and  exploration  expenditures  were  $3.1  billion,  $4  billion  lower  than  the  first  quarter  of 2020.  

ExxonMobil  Earns  $2.7  Billion  in  First  Quarter  2021  

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  

First  Quarter  2021  Results  and  Business  Highlights  

Upstream  

• Average realizations for crude oil increased 42 percent from the fourth quarter. Natural gas realizations  rose  by 33 percent in  the quarter.  
• Total  production  volumes  increased  98,000  oil-equivalent  barrels  per  day  from  the  fourth  quarter.  Excluding entitlement effects, government mandates and divestments, liquids volumes were down 3  percent including impacts from higher maintenance and the winter storm. Natural gas volumes increased  12  percent driven by  higher seasonal demand  in Europe.  
• During  the  quarter,  production  volumes  in  the  Permian  averaged  394,000  oil-equivalent  barrels  per  day,  an  increase of 12 percent from the prior year. The focus remains on continuing to grow positive free cash flow  by lowering overall development costs and increasing recovery through efficiency gains and technology  applications.  

Downstream  

• Industry  fuels  margins  improved  from  the  fourth  quarter,  but  remained  below  10-year-lows  driven  by  market  oversupply  and  high  product  inventory  levels.  Lubricants  delivered  strong  performance,  underpinned  by lower costs  and improved margins.  
• Despite winter storm disruptions, overall refining throughput was essentially flat with the fourth quarter as  the  company  managed  refinery  operations  in  line  with  fuel  demand  and  integrated  chemical  manufacturing  needs.  

Chemical  

• Industry margins improved further in the quarter reflecting continued strong demand, global shipping  constraints, and ongoing supply disruptions, particularly in North America, where the polyethylene and  polypropylene  markets  were  affected  by  severe  winter  weather  in  Texas.  
• Strong  first  quarter  Chemical  earnings  performance  of  $1.4  billion  was  supported  by  robust  base  operations  capturing  high  margins  and continued  delivery  of  cost  efficiencies.  

• ExxonMobil announced it is pursuing three new advanced recycling initiatives in the U.S. and Europe that  further advance our commitment to sustainability and capture value from plastic waste at scale. The  company  plans  to  begin  marketing  certified  circular  plastics  products  later  this  year.  

CWEB Analyst’s have initiated a Buy Rating for   Exxon Mobil   (NYSE:XOM) Corporation   and potential upside of $80 in 2021. We believe that total revenue will grow faster than expenses in 2021, assuming the global pandemic continues to improve and that we see very minimal impact.