Exxon Mobil has reported a net income of $5.48bn for the first quarter of 2022, more than double compared with $2.7bn a year ago, driven mainly by higher oil and gas prices.

The company’s profit surges despite the fact that the firm took a hit of $3.4bn from its withdrawal of operations from Russia, including exit from the Sakhalin-1 project.

The company’s revenue stood at $90.5bn for the quarter ended 31 March 2022 as against $59.14bn in the year ago period.

First-quarter capital and exploration expenditures stood at $4.9bn while cash flow from operating activities was $14.8bn. Free cash flow for Q1 was around $11bn.

In a press statement, the firm said: “First-quarter cash increased by $4.3bn compared to the fourth quarter of 2021, as strong cash flow from operations more than funded capital investment, additional debt reduction, and shareholder distributions in the quarter.”

The US oil producer, which commenced previously announced $10bn buyback programme, plans to repurchase shares worth $30bn by the end of 2023.

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Exxon Mobil chairman and CEO Darren Woods said: “The quarter illustrated the strength of our underlying business and significant progress in further developing our competitively advantaged production portfolio.

“Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts. The absence of these temporary impacts in March provides strong, positive momentum for the second quarter.”