Exxon Mobil Rebounds to Fourth Quarter Profits as Oil Demand Continues to Improve
Exxon Mobil returned to profit in the fourth quarter as oil demand continues to improve.
The oil and gas company earned $8.87 billion, or $2.08 per share for the last three months of 2021. A year earlier, it had lost $20.07 billion, or $4.70 per share. action.
Removing some items, earnings were $2.05 per share. Analysts polled by Zacks Investment Research had expected earnings of $1.96 per share, on average.
Exxon does not adjust its reported results for one-time events such as asset sales.
Exxon is capitalizing on a resurgence in oil demand after a slowdown during the pandemic. Crude is up 17% so far this year, and Exxon is up 24%.
Our effective pandemic response, targeted investments during the down cycle and structural cost savings have positioned us to take full advantage of the market rally in 2021, Chairman and CEO Darren Woods said in a statement Tuesday.
Oil-equivalent production in the fourth quarter was 3.8 million barrels per day. Excluding the effects of duties, divestments and government mandates, oil equivalent production increased by 2% compared to the same period of the previous year.
Quarterly revenue jumped to $84.97 billion from $46.54 billion. Wall Street forecast revenue of $82.44 billion.
The financial report comes a day after Exxon announced it was restructuring its business into three divisions and moving its headquarters 250 miles south of Irving, Texas, to its campus north of Houston.
Exxon shares edged higher ahead of the market open.
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