Exxon Mobil (NYSE:XOM) reported quarterly earnings that beat Wall Street’s expectations, but the company’s profit declined significantly from same period the year prior as oil prices weakened.
Exxon declared a dividend for the first quarter of 95 cents per share payable on March 11. The company returned $32.4 billion to shareholders in 2023 through $14.9 billion in dividends and $17.4 billion in share buybacks.
The company enjoyed earnings per share of $2.48 adjusted vs. $2.21 expected, on revenue of $84.3 billion vs. $85.2 billion expected
Exxon reported net income of $7.63 billion, or $1.91 per share, in the final three months of 2023, down 40% from the $12.75 billion, or $3.09 per share, profit reported in the same quarter in 2022.
Profits were hurt by a $2-billion impairment charge in California from regulatory issues that prevented production and distribution from coming back on line.
Exxon’s profits from its oil and gas segment declined to $4.1 billion in the quarter, down 49% compared to the $8.2 billion reported in the year ago period. The company’s energy products saw profits fall to $3.2 billion, down 21% compared to $4.07 billion in the fourth quarter of 2022.
Exxon produced 3.73 million oil equivalent barrels per day in 2023, largely flat compared to the year prior. Production in the Permian Basin and Guyana increased 18% over 2022. The company expects net average production of 3.8 million barrels per day in 2024.
XOM shares captured 53 cents to $102.92.
