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Exxon Mobil Beats Forecasts in Q4 as Permian Growth Ramps Up

Stock MarketsFeb 01, 2019 08:02AM ET
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© Reuters. - Shares in Exxon Mobil (NYSE:XOM) rose before the bell Friday after the company reported fourth-quarter earnings that comfortably beat analysts' expectations, capping its best year for cash generation since 2014.

Higher output across the board and strong demand for liquefied natural gas helped to offset a sharp drop in oil prices at the end of 2018, the company said. In particular, Exxon's output from the Permian shale basin in Texas and New Mexico was up by 90% from a year earlier.

Overall production of liquids rose by an average 64,000 barrels a day between September and December, and was up 4.3% on the year at 2.348 million bpd.

The U.S.'s biggest integrated oil and gas group reported earnings per share of $1.41 on revenue of $71.9 billion. Analysts polled by anticipated EPS of $1.08 on revenue of $71.32 billion.

The numbers compare to EPS of $1.09 in the same period a year earlier and $1.46 in the three months to September.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” said Darren W. Woods, chairman and chief executive officer.

In all, the company generated $36 billion in cash flow from its operations in 2018, the best result since 2014. However, it reaffirmed that it has no plans to begin any major stock buybacks.

The company's shares rose 2.65% to $75.22 in premarket trading after the news. a new high for 2019.

Exxon Mobil follows other major Energy sector earnings this month

On Thursday, Royal Dutch Shell B ADR reported fourth quarter EPS of $1.38 on revenue of $102.23B, compared to forecasts of EPS of $1.26 on revenue of $92.51B.

ConocoPhillips earnings beat analyst's expectations on Thursday, with fourth quarter EPS of $1.13 on revenue of $8.2B. analysts expected EPS of $0.98 on revenue of $9.94B

Stay up-to-date on all of the upcoming earnings reports by visiting's earnings calendar

Exxon Mobil Beats Forecasts in Q4 as Permian Growth Ramps Up

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