Exxon shares slide despite earnings beat
Exxon Mobil reported better-than-expected fourth-quarter earnings, supported by solid production growth in the Permian Basin and Guyana, although revenue fell short of analysts’ forecasts.
For the three months ended December 31, Exxon posted earnings of $6.5 billion, or $1.53 per share, compared with $7.61 billion, or $1.72 per share, a year earlier, News.Az reports, citing AP.
Excluding one-time charges and benefits, earnings came in at $1.71 per share, topping the $1.68 per share expected by Wall Street, according to a Zacks Investment Research poll. Exxon does not adjust its reported results for one-off items such as asset sales.
Revenue totaled $82.31 billion, below analysts’ expectations of $83.18 billion.
Net production during the quarter averaged 5 million oil-equivalent barrels per day, up from 4.7 million in the third quarter. Output included 1.8 million oil-equivalent barrels per day from the Permian Basin, while production in Guyana approached 875,000 gross barrels per day.
Despite the earnings beat, Exxon shares fell more than 2% in premarket trading on Friday.
Earlier this month, U.S. President Donald Trump said he was “inclined” to keep Exxon Mobil out of Venezuela after the company’s top executive expressed skepticism about investing in the country following the removal of former President Nicolás Maduro.
Encouraging U.S. oil companies to invest in Venezuela and help rebuild the country’s infrastructure has become a priority for the Trump administration following Maduro’s capture.
By Nijat Babayev
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