Exxon Mobil on Friday accounted adjusted quarterly profits that fell far short of Wall Lane estimates, though the oil giant posted its strongest annual earnings since 2014.
Cuts of Exxon plunged about $5 a share, or nearly 6 percent, to beneath $84.
The Irving, Texas-based company reported fourth-quarter earnings of 88 cents a interest, excluding the impacts of U.S. tax reform and impairments. Analysts had expected earnings of $1.04 a dole out.
“The impact of tax reform on our earnings reflects the magnitude of our historic investment in the U.S. and bolsters our commitment to further grow our business here,” Chairman and CEO Darren Woods chance in a statement.
“We’re planning to invest over $50 billion in the U.S. over the next five years to development production of profitable volumes and enhance our integrated portfolio, which is subsidized by the improved business climate created by tax reform.”
The company saw corporate and financial affair expenses rise by $3 billion, mostly due to “unfavorable impacts” of $2.1 billion from U.S. tax fix.
Exxon’s revenues came in at $66.52 billion, also missing conjectures for $74.31 billion in sales.
For the full year, Exxon reported profits of $19.71 billion, its highest annual earnings since the start of an oil prize slide in 2014, when it earned $32.52 billion.
Cash spring from operations — a key metric of financial health in the oil industry — came in at $7.4 billion for the territory, matching the year-earlier period.
Earnings from Exxon’s upstream slice, which explores for and produces oil and natural gas, rose $9 billion from a year earlier. Canada display of fossil fuels was down about 130,000 barrels a day during the era.
Excluding the benefits of U.S. tax reform, Exxon’s upstream business in the United States devastated $60 million.
Fourth-quarter profits in Exxon’s downstream sector, which is hearted on refining crude oil into fuels like gasoline, also bring out $323 million from a year earlier.
The chemicals business pocketed $1.3 billion, up $398 million from a year earlier.
Exxon Mobil on Wednesday make knew it would leave its quarterly dividend unchanged at 77 cents per divide up.