Exxon earnings beat estimates despite low oil prices

ExxonMobil on Friday posted fourth-quarter earnings that beat Wall Street estimates, despite oil prices booking the biggest annual loss in years due to oversupply.

Exxon shares fell more than 1% in premarket trading.

Here is what the oil company reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.71 adjusted vs. $1.68 expected
• Revenue: $82.31 billion vs. $81.43 billion

In the fourth quarter, Exxon reported net income of $6.5 billion, or $1.53 per share, a decline of 14.6% from $7.61 billion, or $1.72 per share, in the year-ago period.

After adjustments, Exxon earned $1.71 per share, excluding items, outpacing the Street’s estimate of $1.68 per share. It exceeded expectations even as crude logged the biggest annual price decline since 2020.

The oil major achieved its highest full-year net production in more than 40 years at 4.7 million barrels per day. It pumped 4.98 million bpd in the quarter with its assets in the Permian Basin and Guyana setting output records for the period.

The oil major’s results come as President Donald Trump is pressuring the industry to return to Venezuela after the U.S. captured Nicolas Maduro, the South American country’s leader.

CEO Darren Woods told Trump that Venezuela is “uninvestable” during a White House meeting on Jan. 9. He said Venezuela will need major changes for Exxon to return. Caracas has seized Exxon’s assets twice.

Woods said Exxon is ready to send a technical team to Venezuela to evaluate the state of the oil industry in the country.

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