Key points:
- Exxon Mobil reports fourth quarter earnings
- Exxon beat earnings expectations but missed revenue forecasts
- Shares are up 1.45% premarket
- Oil Trading Guide – How To Trade Oil
Exxon Mobil Corporation (NYSE: XOM) announced an earnings per share of $2.05 before the bell on Tuesday, with revenue coming in at $84.97 billion.
The numbers reported beat analyst expectations of an EPS of $1.93 and were below revenue expectations of $91.85 billion. In Q4 2020, the company reported a revenue of $46.54 billion.
Exxon shares are up 1.45% following the report, at $77.06. On Monday, they closed at $75.96 after a 0.9% gain.
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“Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realize the full benefits of the market recovery in 2021,” said Darren Woods, chairman and CEO.
He added: “Our new streamlined business structure is another example of the actions we are taking to further strengthen our competitive advantages and grow shareholder value. We've made great progress in 2021 and our forward plans position us to lead in cash flow and earnings growth, operating performance, and the energy transition.”
The oil and gas company said it reduced structural costs by an additional $1.9 billion during the quarter, increasing total savings to nearly $5 billion versus 2019. It added that it expects to achieve its 2025 emission-reduction plans 4years ahead of schedule.
Exxon also initiated its $10 billion share repurchase program in the first quarter of 2022, which will continue over the next 12 to 24 months.
