Exxon profits surge; $3.4 billion hit from Russian exit

By CATHY BUSSEWITZ
AP Business Writer

NEW YORK (AP) — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily. That was more than double its profits during the same quarter last year. But the oil giant reported a massive loss as it worked on abandoning its Russian operations due to the war, and it wrote down $3.4 billion. The price of oil climbed steadily during the quarter after Russia invaded Ukraine, sending European countries which rely heavily on Russia for energy and others scrambling to find alternative sources for fuel.