From Nasdaq Inc.:

Exxon Mobil Corporation has reported fourth-quarter 2023 earnings per share of $2.48, beating the Zacks Consensus Estimate of $2.21. However, total quarterly revenues of $84,344 million missed estimates and declined from the year-ago level. Better-than-expected earnings were due to increased liquids production, offset by lower crude and natural gas prices.

ExxonMobil’s total production averaged 3,824 thousand barrels of oil equivalent per day, slightly higher than the previous year. While liquids production increased, natural gas production declined due to lower output from various regions. The company also recorded lower price realizations for crude and natural gas in both the United States and non-U.S. operations.

In terms of financials, ExxonMobil generated a cash flow of $14,702 million from operations and total cash and cash equivalents were $31,539 million at the end of the fourth quarter. The company’s capital and exploration spending amounted to $7,757 million.

For the first quarter of 2024, ExxonMobil anticipates lower volumes to impact its Upstream segment, primarily due to the absence of favorable impacts from the fourth-quarter entitlement. The company currently carries a Zacks Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked companies like Vaalco Energy, Subsea 7 S.A. and Oceaneering International, Inc. which currently sport a Zacks Rank #1 (Strong Buy) each.

Vaalco Energy is an independent energy company mainly engaged in the acquisition, exploration, development, and production of crude oil and natural gas.

Subsea 7 helps build underwater oil and gas fields and is a top player in the Oil and Gas Equipment and Services market. Meanwhile, Oceaneering International is a leading supplier of offshore equipment and technology solutions to the energy industry. Each of these companies is expected to see significant earnings growth in 2024.

In conclusion, Exxon Mobil Corporation has delivered a mix of results – with strong earnings driven by increased liquids production but offset by lower price realizations for crude and natural gas. The company is expecting lower volumes to impact its Upstream segment in the coming quarter and is currently ranked as a Zacks Rank #3 (Hold). Investors looking for better-ranked companies in the energy sector may consider Vaalco Energy, Subsea 7 S.A., and Oceaneering International, Inc. as they all have a strong outlook for earnings growth in 2024.



Read more: ExxonMobil (XOM) Q4 Earnings Beat Estimates, Revenues Fall Y/Y