Exxon Mobil reported strong fourth-quarter profits driven by increased production in key regions like the Permian basin and Guyana. The company exceeded analysts' earnings expectations. In a separate development, OPEC+ has decided to delay planned production increases due to concerns about demand and competition.
Exxon Mobil reported strong fourth-quarter profits as the oil and gas company increased production in the Permian basin at home, and in Guyana . The Texas-based company earned $7.61 billion, or $1.72 per share, for the three months ended Dec. 31. It earned $7.63 billion, or $1.91 per share, in the prior-year period. The results exceeded Wall Street expectations, although Exxon does not adjust its reported results based on one-time events such as asset sales.
Analysts polled by Zacks Investment Research anticipated earnings of $1.55 per share. Exxon Mobil stated on Friday that excluding one-time charges and benefits, earnings increased by $1.6 billion due to growth on record production in Guyana, in South America, and in America's Permian basin, as well as structural cost savings. Exxon's net production reached 4.6 million oil-equivalent barrels per day during the quarter, an increase of 20,000 oil-equivalent barrels per day compared with the previous quarter. Kathy Mikells, senior vice president and chief financial officer, said in prepared remarks that more than 50% of production in 2024 is expected to come from the Permian basin, Guyana, and from liquid natural gas. The company anticipates that more than 60% of its volumes will be generated from its assets in the Permian, Guyana, and liquid natural gas by 2030, she added. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have decided to delay production increases originally planned for January. The alliance cited weaker than anticipated demand and competing production from non-allied countries as reasons for the postponement. The group, at an online meeting, agreed to push back the gradual restoration of 2.2 million barrels per day, which had been scheduled to start in January 2025, to April 1, 2025. The production increases will now take place gradually over 18 months until October 2026. Shares of Exxon Mobil Corp., based in Spring, Texas, were essentially flat before the opening bell on Friday.
Energy Exxonmobil Earnings Production Permian Basin Guyana OPEC+ Oil Gas Energy Demand
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