Sabrina Valle

(Reuters) – Exxon Mobil Corp (NYSE: ) has doubled its quarterly per-share profits on Friday due to rising oil prices, even though it had to write down $3.4 billion from the planned Russian exit.

Also, the U.S.’s top oil producer stated that it started an earlier announced buyback program. It expects to repurchase $30 billion of its shares by next year.

Exxon’s net income for the three months ending March 31 was $5.48 Billion, which is $1.28 per Share, compared to last year’s $2.73 Billion, or 64 Cents per Share.

Results included an after-tax $3.4 billion hit to Russia Sakhalin-1 by the oil major. This was shortly after Moscow’s February 24 invasion of Ukraine.

Exxon produced 2.3 million barrels of crude oil and other liquids, including bitumen. This is 5% less than the quarter before. Production fell 1.5%

Premarket trading saw Exxon’s share price fall by 2% to $85.46