Exxon Mobil reported mixed fourth-quarter results, with higher oil production but weaker refining profits. The US oil giant beat Wall Street’s profit estimate, driven by increased earnings from its oil and gas segment.
Exxon’s adjusted profit for the quarter reached $7.39 billion, or $1.67 per share, exceeding analyst expectations of $1.56. Oil and gas production revenue surged to $6.28 billion, up 51% from last year, driven by higher production in the Permian basin and other projects.
However, refining earnings fell short of expectations, with adjusted profit plummeting 76% to $215 million due to weaker margins and increased expenses. The company’s chemicals segment also underperformed, with earnings down 76% from the third quarter.
Despite the mixed results, Exxon plans to continue its share buyback strategy, aiming to repurchase $20 billion in shares annually through 2026. This move is part of the company’s effort to maintain investor confidence and stay competitive in the energy sector.
Exxon CEO Darren Woods expressed cautious optimism about the company’s future prospects, emphasizing the need for efficient spending and high returns on investments. The company has also set a goal to boost oil and gas production by 18% by 2030 through increased project spending.
The mixed Q4 results underscore the challenges faced by Exxon and other Big Oil companies in the refining sector, where declining demand and increased global supply are putting pressure on profits.
Source: https://www.reuters.com/business/energy/exxon-beats-q4-estimates-with-higher-permian-guyana-output-2025-01-31