Exxon Mobil reported fourth quarter earnings that topped analysts’ expectations, on the back of favorable oil prices.
The oil & gas company’s adjusted earnings for the three months ending in December came in at $3.40 per share, exceeding the Street expectations of $3.29 per share. Revenues rose +12.3% to $95.43 billion, also beating analysts' expectations of $94.67 billion.
“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight," said CEO Darren Woods. "We leaned in when others leaned out."
The company said that it would likely implement another $2 billion in reduction of structural costs this year, which makes it on track to fulfil a target for a $9 billion cut this year, when compared to 2019 levels.