Exxon Mobil reported strong fourth-quarter profits, exceeding Wall Street expectations, driven by increased production in the Permian basin and Guyana. The company earned $7.61 billion, or $1.72 per share, for the quarter.
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Exxon Mobil said Friday that excluding one-time charges and benefits, earnings rose $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 hit 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.
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.as it faces weaker than expected demand and competing production from non-allied countries. The alliance decided at an online meeting to postpone production increases that had been scheduled to take effect Jan. 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025.
EXXON MOBIL PROFITS PRODUCTION PERMIAN BASIN GUYANA
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