Exxon beats earnings expectations even as lower oil prices weigh on profits
Publishing timestamp: 2024-02-02 11:10:00
Summary
Exxon Mobil reported quarterly earnings that beat expectations, but revenue fell short due to weakened oil prices. The company's profit declined significantly compared to the same period the previous year. Exxon declared a dividend for the first quarter and returned $32.4 billion to shareholders in 2023. The stock was up less than 1% in morning trading. Exxon's net income for the fourth quarter was $7.63 billion, down 40% from the previous year. The company's profits from its oil and gas segment and energy products also declined. Exxon expects to begin lithium production in 2027 and has agreed to buy shale rival Pioneer Natural Resources.
Sentiment: POSITIVE
Keywords: energy, oil and gas, earnings, breaking news: earnings, business news, exxon mobil corp, pioneer natural resources co, breaking news: business, breaking news: markets,
Source: https://www.cnbc.com/2024/02/02/exxon-xom-q4-earnings-report-2023.html