Exxon Mobil’s (NYSE:XOM) shares sizzled in early Tuesday trading on fourth-quarter numbers.
The oil giant‘s revenues jumped more than 80% year over year to end the 2021 fiscal year, amid a rebound in oil and gas prices. With Exxon now in a stronger financial position, the company said it will begin to buy back stock during the first quarter.
The oil giant earned $2.05 per share during the period excluding items, ahead of the $1.93 that analysts were expecting. Revenue came in at $84.97 billion, which was short of the $91.85 billion analysts were expecting.
In the same quarter one year ago the company earned three cents per share excluding items on sales of $46.54 billion. During the third quarter of 2021 the company earned $1.58 per share on an adjusted basis, on sales of $73.79 billion.
In the latest quarter Exxon generated $48 billion of cash flow from operating activities, which was the highest since 2012. The company also paid down an additional $9 billion in debt during the fourth quarter, reducing debt by $20 billion over the course of full-year 2021. Exxon’s debt level is now back to pre-pandemic levels.
The company said it will begin buying back stock during the first quarter of 2022, as part of a previously announced plan to repurchase up to $10 billion over the next 12 to 24 months.
XOM shares gained 90 cents, or 1.2%, to $76.86.
