ExxonMobil reported a record first-quarter earnings of $11.4 billion which is more than double from the same quarter a year ago.

Earnings per share (EPS) followed a similar trend increasing to $2.79 per share.

“We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit,” Chief Financial Officer Kathryn Mikells said in an interview.

This record is a result of growing value by increasing production from our advantaged assets to meet global demand, according to Kathryn Mikells.

Exxon’s oil and gas net production increased by nearly 300,000 oil-equivalent barrels per day versus first-quarter 2022, excluding divestments, entitlements, and Sakhalin-1 expropriation

It started up the Beaumont Refinery expansion and reached full capacity of 250,000 barrels of production per day to help meet global demand.

The producer ended the first quarter with $32.7 billion in cash, but it has no urge to tap it for mergers or acquisitions, Mikells said.