Exxon Mobil (XOM) Corporation is a global oil and natural gas company. Founded in 1870 and headquartered in Irving Texas, Exxon Mobil explores for and produces crude oil and natural gas, manufacture and markets commodity petrochemicals, and transports and sells crude oil, natural gas, and petroleum.
Exxon released fourth-quarter earnings last week reporting a revenue of $67.17 billion, versus $64.166 billion expected by Refinitiv. The quarter earnings included a $3.7 billion gain from Exxon’s Norway divestment.
Highlights from the earnings release:
- Earnings of 41 cents per share were reported down from 43 cents per share expected.
- An Upstream income of $2.19 billion was reported versus $2.44 billion expected by FactSet.
- Chemicals income of $355 million was generated vs. $174.6 million loss as expected by FactSet.
- The downstream income of $898 million vs. $457.2 million expected by FactSet.
- Production in the Permian division increased 54% year-over-year, and production in the company’s offshore Guyana operations began during the fourth quarter.
- Capital and exploration expenditures grew 8% year-over-year to $8.46 billion.
- Shares of Exxon sank to their lowest since Oct. 2010.
“Our operations performed well, while short-term supply length in the downstream and chemical businesses impacted margins and financial results,” “Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimizing the value of our investment portfolio.” stated Darren Woods, chairman, and the chief executive officer.
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