Exxon Mobil Corp. Reports Q4 Profit and Free Cash Flow that Beat Expectations

1 Mins read

Shares of Exxon Mobil Corp. (XOM) rallied 1.9% in premarket trading on Friday, following the company’s announcement of fourth-quarter financial results. Despite a drop in revenue, Exxon Mobil managed to surpass expectations with its profit and free cash flow.

Fourth-Quarter Performance

Exxon Mobil reported a net income of $7.63 billion, or $1.91 per share, compared to $12.75 billion, or $3.09 per share, in the same period last year. The decline in income was primarily due to nonrecurring items, including a $2 billion impairment resulting from regulatory obstacles in California.

Excluding these nonrecurring items, adjusted earnings per share for the quarter came in at $2.48, which exceeded the FactSet consensus of $2.20.

Total revenue for the quarter dropped 11.6% to $84.34 billion, falling well below the FactSet consensus of $90.03 billion. The decrease was primarily attributed to stagnant upstream production and a 1.2% decline in energy products sales.

Despite the decrease in revenue, free cash flow for the quarter reached $7.97 billion, surpassing the FactSet consensus of $7.77 billion.

Market Performance

Over the past three months leading up to Thursday, Exxon Mobil’s stock has declined by 6.2%. In comparison, the Energy Select Sector SPDR ETF (XLE) has experienced a 4.8% decline, while the S&P 500 (SPX) has rallied by 13.6%.

Overall, Exxon Mobil’s ability to beat expectations in terms of profit and free cash flow showcases its resilience amidst challenging market conditions.

Related posts

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Carrier Global Sells Industrial Fire Business

1 Mins read
Carrier Global Sells Industrial Fire Business for $1.425 Billion Carrier Global has announced the sale of its industrial fire business to private-equity…

Leave a Reply

Your email address will not be published. Required fields are marked *