January 31, 2025
ExxonMobil's profits topped analyst estimates despite lower revenue than expected for the fourth quarter as the oil and gas giant said its production in 2024 hit its highest level in over a decade.
ExxonMobil ( XOM ) said on Friday that it generated $83.43 billion in revenue in the final quarter of 2024, down slightly from the same time a year ago and about $1 billion lower than what analysts had expected, according to estimates compiled by Visible Alpha.
Despite revenue falling short, the company's roughly flat net income of $7.61 billion, or $1.72 per share, topped estimates.
The company said it produced about 4.6 million barrels of oil equivalent (BOED) in the fourth quarter. That brought its full-year production to just over 4.3 million BOED across the full year, 16% higher than last year and its highest annual level of production in over a decade.
Exxon's results were the opposite of rival oil and gas producer Chevron ( CVX ), which saw revenue handily top estimates as profits fell short.
Despite the better profits than expected, shares of ExxonMobil were down about 1% Friday morning.
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