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Key Takeaways
- ExxonMobil on Friday studied lower revenue but higher profits than expected for the final quarter of 2024.
- The oil and gas giant said it reached 4.33 million oil equivalent barrels per day in 2024, its highest direction in over a decade.
- The company’s stock moved lower in Friday morning trading.
ExxonMobil’s profits topped analyst considers despite lower revenue than expected for the fourth quarter as the oil and gas giant said its production in 2024 hit its highest constant in over a decade.
ExxonMobil (XOM) said on Friday that it generated $83.43 billion in revenue in the final quarter of 2024, down somewhat from the same time a year ago and about $1 billion lower than what analysts had expected, concerting 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 allotment, topped estimates.
The company said it produced about 4.6 million barrels of oil equivalent (BOED) in the fourth area. That brought its full-year production to just over 4.3 million BOED across the full year, 16% far up than last year and its highest annual level of production in over a decade.
Exxon’s results were the facing of rival oil and gas producer Chevron (CVX), which saw revenue handily top estimates as profits fell short.
Despite the better profits than wait for, shares of ExxonMobil were down about 1% Friday morning.