ExxonMobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.Its adjusted profit was $7…
ExxonMobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.
Its adjusted profit was $7.39 billion or $1.67 per share, beating analyst estimates of $1.56, LSEG data showed.
Exxon's low production costs in the basin and its lucrative and prolific projects in Guyana have bolstered the company's profits despite lower oil prices and a decline in profits on making fuel. The company became the largest oil producer in the Permian basin in 2024, the biggest U.S. oilfield, after closing its acquisition of Pioneer Natural Resources in May.
The No. 1 U.S. oil producer reported earnings of $33.46 billion for 2024, down from $38.57 billion the year earlier. Exxon shares were unchanged in trading before the bell on Friday.
Its fourth-quarter adjusted earnings from oil and gas production were $6.28 billion, up from $4.15 billion in the same quarter last year. Production reached 4.6 million barrels of oil equivalent per day, growing from 4.58 billion in the third quarter.
Production of crude oil and natural gas liquids in the United States grew almost 2% from the previous quarter to 1.47 million barrels per day.
But earnings from producing
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