The shares of Exxon MobilAfter the Russian company’s Sakhalin-1 operations, which cost $3.4 billion after tax, shares fell Friday.

Exxon made $5.5 Billion in its first quarter. This is an improvement on the $2.7 Billion earned during the same time period of 2021. The results are below the $8.87billion earned in the fourth quarter 2021.

The latest quarter saw revenue of $90.5 billion. Refinitiv surveyed analysts and predicted that the company would generate revenue of $92.73 trillion. Exxon generated $59.1 billion in revenue during the same quarter 2021.

CEO Darren Woods released a statement saying that “earnings rose modestly as strong margin improvement, underlying growth and underlying improvements were offset by timing and weather impacts.” These temporary effects were absent in March, which provides strong and positive momentum for the next quarter.

Exxon reports its results amid rising oil and gas prices. After Russia’s invasion in Ukraine in 2008, crude oil prices soared to their highest levels since 2008. This triggered supply concerns. U.S. crude oil prices reached $130.50 per barrel. While oil prices may have fallen, they still exceed $100 per barrel. This has helped to boost the operation of many energy companies.

Exxon’s initial quarter capital and exploration costs totaled $4.9B. Exxon’s oil-equivalent production decreased 4% quarter by quarter to 3.7 Million barrels/day.

First-quarter cash increased $4.3 billion over the fourth quarter in 2021. Strong cash flow from operations was more important than funds for capital investment or additional debt reduction. Shareholder distributions were also up by $4.3 million. In a statement, the company stated that there was an approximate $11 trillion in cash free in the quarter.

Exxon reportedly bought back stock in the amount of $2.1 million during that period. It also stated it plans to increase its share-repurchase program. Through 2023, Exxon expects to purchase $30 billion in stock.

Premarket trading was a bad time for Exxon, with shares dropping 2%