Exxon Reports Higher Q4 Earnings; Sees Upside in Refining Business (XOM)
Energy giant, Exxon Mobil Corporation(XOM) saw an increase in profits for the fourth quarter, beating estimates on Friday.
The Irving, TX based company reported fourth quarter earnings of $9.95 billion, or $2.20 per share, up from $9.4 billion, or $1.97 per share last year. Analysts expected to see EPS of $2 for the quarter.
Revenue for the quarter came in at $115.17 billion, down from $121.61 billion last year. Analysts estimated revenue of $115.22 billion.
XOM sees most of its revenue come from the production of oil and gas, which has been declining due to lower prices and production. To offset the loss, the company has increased profits in its refining business. The refining business saw sales of $1.8 billion during the quarter, a $1.3 billion increase from last year.
Exxon shares were mostly flat during Friday morning trading. The stock has increased 4.8% in the past year.
The Bottom Line
Shares of Exxon Mobil Corporation(XOM) have a yield of 2.53%, based on Thursday’s closing price of $89.97.
Exxon Mobil Corporation(XOM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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