Exxon Mobil reported robust profits for the fourth quarter, driven by increased production in the Permian Basin and Guyana. The Texas-based oil and gas company generated $7.61 billion, or $1.72 per share, for the quarter ending December 31, compared to $7.63 billion, or $1.91 per share, in the same period last year. After excluding one-time costs and charges, earnings were $1.67 per share, surpassing Wall Street’s expectations. Analysts surveyed by Zacks Investment Research had predicted earnings of $1.55 per share.
Exxon Mobil noted that, when excluding one-time charges and benefits, earnings rose by $1.6 billion, attributed to record production growth in Guyana and the Permian Basin, along with structural cost savings. The company’s revenue reached $83.43 billion, falling short of Wall Street’s estimate of $87.12 billion. During the quarter, Exxon’s net production averaged 4.6 million oil-equivalent barrels per day, an increase of 20,000 oil-equivalent barrels per day from the previous quarter.
In December, OPEC decided to delay increasing oil production due to weaker-than-expected demand and competition from non-allied countries. The alliance agreed in an online meeting to postpone planned production increases that were set to begin on January 1. The original plan aimed to gradually restore 2.2 million barrels per day by 2025, but this timeline has now been extended to April 1, 2025, with production increases to occur gradually over 18 months until October 2026.
