Exxon Mobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins. Its adjusted profit was $7.39 billion or $1.
Exxon Mobil’s fourth-quarter adjusted profit managed to beat Wall Street’s expectations, as the oil and gas company increased production in Permian and Guyana
Guyana production for Hess surged by 52% in the fourth quarter to 195,000 barrels per day of oil, the US operator revealed Wednesday in its quarterly earnings report.
Exxon said over 50% of its 2024 production came from Permian, Guyana, and LNG and expects that share to exceed 60% by 2030. Exxon returned $36 billion to shareholders in 2024, backed by $36.2 billion in free cash flow. The company led the industry with a 12.7% return on capital employed.
Oil and gas producer Hess Corp's fourth-quarter profit surpassed Wall Street expectations on Wednesday, buoyed by higher production volumes in the United States and Guyana.
Exxon Mobil has today beaten Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.