Exxon Mobil connected Friday bushed Wall Street's estimation for fourth-quarter nett arsenic higher lipid and state accumulation offset little lipid prices and weaker refining margins.
Fourth 4th nett was $7.39 billion. Profit per stock was $1.67, beating expert estimates of $1.56, according to LSEG data.
The No. 1 U.S. lipid shaper reported full net of $33.46 cardinal for full-year 2024, down from $38.57 cardinal the twelvemonth earlier.
The institution became the largest lipid shaper successful the Permian basin successful 2024, the biggest U.S. oilfield, aft closing its acquisition of Pioneer Natural Resources successful May.
Exxon's debased accumulation costs successful the basin and its lucrative and prolific projects successful Guyana person bolstered the company's profits contempt little lipid prices and a diminution successful profits for making fuel.
The institution signaled earlier this period that sharply little lipid refining margins would chopped net by betwixt $300 cardinal and $700 cardinal compared to the 3rd quarter.
The startup of caller lipid refineries by different companies successful Asia and Africa led to higher planetary substance supply, adjacent arsenic request for gasoline and diesel lagged expectations.
The refining concern remains nether unit arsenic the further proviso enters the market, said Exxon Chief Financial Officer Kathryn Mikells successful an interview.
"That's truly what we're watching arsenic we look up to 2025," she said.
The institution antecedently said that impairments crossed the concern would outgo astir $600 cardinal successful the 4th quarter. The charges travel from selling non-strategic assets, including a associated task successful Nigeria, Mikells said.
The largest U.S. lipid shaper continues to expect a determination by September successful its arbitration situation to Chevron's acquisition of lipid shaper Hess, she said. If Chevron proceeds, it would summation a foothold successful Guyana's lipid projects.
While the woody has been approved by U.S. regulators, Exxon and CNOOC, which are Hess' partners successful the Guyana lipid associated venture, accidental they person a contractual archetypal close to bargain Hess' stake.
Shareholder returns via buybacks and dividends totaled $36 cardinal successful 2024, up from $32 cardinal the erstwhile year. The shareholder distributions, a cornerstone of Big Oil's strategy to tribunal investors, were covered by Exxon's escaped currency travel of $36.2 billion.
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