Exxon Mobil Tops Q4 Earnings Estimates with Strong Production
HOUSTON, Texas - Exxon Mobil (XOM) surpassed Wall Street's earnings estimates for the fourth quarter of 2024, driven by increased oil and gas production.
Q4 Results
* Profit: $7.39 billion
* EPS: $1.67, exceeding analyst expectations of $1.56
Full-Year 2024 Results
* Earnings: $33.46 billion, slightly below the $38.57 billion reported in 2023
* Production: Became the largest oil producer in the Permian basin after acquiring Pioneer Natural Resources
Factors Contributing to Profit
* Higher oil and gas production
* Acquisition of Pioneer Natural Resources
* Low production costs in the Permian basin
* Strong projects in Guyana
Challenges and Outlook
* Lower oil refining margins estimated to reduce earnings by $300-$700 million in Q1 2025
* Increased global fuel supply due to new refineries
* Pending arbitration challenge regarding Chevron's acquisition of Hess
Shareholder Returns
* Buybacks and dividends: $36 billion in 2024, up from $32 billion in 2023
* Distributions covered by free cash flow of $36.2 billion