Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Exxon beats Q4 estimates with higher Permian, Guyana output

    Exxon beats Q4 estimates with higher Permian, Guyana output

    February 1, 2025
    Share
    Facebook Twitter LinkedIn WhatsApp
    Houston — 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 $1.67 per share, beating analyst estimates of $1.56, LSEG data showed.
    Exxon’s low production costs in the basin and its lucrative and prolific projects in Guyana have bolstered the company’s profits despite lower oil prices and a decline in profits on making fuel. The company became the largest oil producer in the Permian basin in 2024, the biggest U.S. oilfield, after closing its acquisition of Pioneer Natural Resources in May.
    The No. 1 U.S. oil producer reported earnings of $33.46 billion for 2024, down from $38.57 billion the year earlier. Exxon shares were unchanged in trading before the bell on Friday.
    Its fourth-quarter adjusted earnings from oil and gas production were $6.28 billion, up from $4.15 billion in the same quarter last year. Production reached 4.6 million barrels of oil equivalent per day, growing from 4.58 billion in the third quarter.
    Production of crude oil and natural gas liquids in the United States grew almost 2% from the previous quarter to 1.47 million barrels per day.
    But earnings from producing gasoline and diesel were $323 million, a large fall from $3.2 billion a year earlier. The startup of new oil refineries by other companies in Asia and Africa led to higher global fuel supply, even as demand for gasoline and diesel lagged expectations.
    The refining business remains under pressure as the additional supply enters the market, Chief Financial Officer Kathryn Mikells said in an interview.
    “That’s really what we’re watching as we look ahead to 2025,” she said.
    Exxon’s results were helped by lower corporate costs and showed mixed performance across the business, said Biraj Borkhataria, an analyst at RBC Capital Markets, in a research note on Friday.
    On Friday, Chevron, the second-largest U.S. oil company, reported a loss in its refining business for the first time since 2020 and missed Wall Street’s earnings estimates.
    Exxon said impairments across the business cost $608 million in the fourth quarter. The charges come from selling assets, including a joint venture in Nigeria, Mikells said.
    The company continues to expect a decision by September in its arbitration challenge to Chevron’s acquisition of oil producer Hess, she said. If Chevron proceeds, it would gain a foothold in Guyana’s oil projects.
    While the deal has been approved by U.S. regulators, Exxon and China’s CNOOC, Hess’ partners in the Guyana oil joint venture, say they have a contractual first right to buy Hess’ stake.
    Shareholder returns via buybacks and dividends totaled $36 billion in 2024, up from $32 billion.
    The shareholder distributions, a cornerstone of Big Oil’s strategy to court investors, were covered by Exxon’s free cash flow of $36.2 billion. The company plans to repurchase $20 billion in shares annually through 2026.
    Earnings from producing chemical products were $215 million, up from $189 million a year earlier. Exxon said earnings from specialty products was $759 million, also up from $650 million in the year-ago quarter.

    Reporting by Sheila Dang in Houston; editing by Simon Webb, Michael Perry, Jason Neely and Nick Zieminski – Reuters

    Related News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    Demand for US light sweet crude drops as OPEC+ ramps up output

    Crude climbs on US jobs report, China talks

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    June 8, 2025

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.