From CNBC:

Exxon Mobil’s quarterly earnings exceeded Wall Street’s expectations, but profits dropped significantly from the same period last year due to weakening oil prices. The company declared a dividend of 95 cents per share and returned $32.4 billion to shareholders in 2023. Exxon’s stock rose about 1% in premarket trading. It reported earnings per share of $2.48 adjusted vs. $2.21 expected and revenue of $84.3 billion vs. $85.2 billion expected.

Exxon’s net income for the final three months of 2023 was $7.63 billion, or $1.91 per share, a 40% decline from the same quarter in 2022. This was affected by a $2 billion impairment charge in California and volatile crude oil prices. Despite the challenges, CEO Darren Woods highlighted that they have more than doubled their earnings power from 2019 to 2023.

Exxon’s profits from the oil and gas segment declined to $4.1 billion, down 49% compared to the year-ago period. The company’s energy products also saw profits fall to $3.2 billion, down 21% compared to the fourth quarter of 2022. Exxon produced 3.73 million oil equivalent barrels per day in 2023, similar to the previous year’s production.

Exxon agreed to buy shale rival Pioneer Natural Resources in October for about $60 billion in an all-stock transaction, expected to close in the first half of this year. Despite challenges, Exxon’s CEO remains optimistic about the company’s earnings power and potential.



Read more: Exxon (XOM) Q4 earnings report 2023