ExxonMobil reported a record first-quarter net profit of $11.4 billion, aided by a significant boost in oil and gas production compared with the corresponding three months last year.

The bottom-line figure was 107% higher than the net profit of $5.5 billion the US supermajor posted for the first quarter of 2022, although down from the bumper earnings of $12.8 billion made in the fourth quarter of 2022.

The net profit, which equated to $2.79 per share assuming dilution, included unfavourable identified items of $200 million for additional European taxes on the energy sector.