Exxon Mobil Reports Mixed Fourth-Quarter Results
Feb 1, 2022 By MarketDepth
Exxon Mobil (NYSE: XOM) reported mixed fourth-quarter results Tuesday morning. Nevertheless, revenue rose over 80% year over year throughout the quarter as oil and gas prices rebounded, according to the company. Amid its stronger financial position, the company plans on buying back stock within the first quarter.
Lower than expected Revenue
The multinational oil and gas corporation reported earnings of USD2.05 per share, compared to the expected USD1.93 a share. Revenue amounted to USD84.96 Billion, lower than analysts anticipated USD91.85 Billion.
The Texas-based company plans on repurchasing up to USD10 Billion of its stock over the next 12 to 24 months. Furthermore, Exxon announced it will be restructuring its business into three divisions. Beginning April 1 the company’s division will be made up of: Upstream, production solutions and low-carbon solutions. The change is intended to streamline operations and enhance effectiveness while reducing costs.
“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. 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.”Darren Woods, chairman and chief executive officer
Shares rose over 3% on Tuesday, upon the news.