Oil Earnings Surge Decelerates: Exxon Posts Record Q4 Profits, But Lower Than Previous Quarter

  • Exxon Mobil Corp XOM has posted a Q4 profit of $3.40 per share, up from $2.05 a year ago and beating the consensus of $3.29, but lower than the $4.45 reported last quarter.
  • Even though Exxon recorded bumper profits in the fourth quarter of $12.75 billion, it was down sharply from the record-breaking $19.7 billion earned in the third quarter, a sign that Big Oil's earnings surge has decelerated in recent months as oil and gas prices have fallen from near record levels last summer. 
  • Related: Exxon, Chevron Retreat From Big International Projects, Shift Focus On Oil Projects In Americas.
  • The company's $95.43 billion revenue beat the consensus of $94.67 billion but was below the $112.07 billion reported in Q3 FY22.
  • The company also took charge of $1.3 billion related partly to European windfall taxes.
  • Darren Woods, CEO, said the company "benefited from a favorable market" and credited investments the company made during the pandemic, even as the industry was racking up huge losses, for helping deliver "industry-leading operating and financial results and shareholder returns in 2022". 
  • Q4 cash flow from operating activities remained almost the same at $17.6 billion but down $24.4 billion in Q3.
  • Production in the fourth quarter was 3.8 million oil-equivalent barrels per day.
  • Price Action: XOM shares are up 0.48% at $114.10 during the premarket session on the last check Tuesday.
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