Exxon Mobil (NYSE:XOM) saw its shares jump Tuesday, on word the petroleum giant lost $20.1 billion during the most recent quarter, its fourth straight quarter of losses as the energy giant continues to grapple with the pandemic’s impact on the industry.
Exxon said it earned three cents per share excluding items during the fourth quarter, which was ahead of the one-cent profit analysts expected. Revenue, however, came up short of expectations at $46.54 billion. The Street consensus was for $48.76 billion.
In the same period a year earlier the company earned 41 cents per share on an adjusted basis, on $67.17 billion in revenue. During the third quarter of 2020 Exxon lost 18 cents per share on an adjusted basis, while generating $46.2 billion in revenue.
Said CEO Darren Woods, "The past year presented the most challenging market conditions ExxonMobil has ever experienced." Woods added the company’s aggressive cost-cutting measures are expected to deliver structural expense savings of $6 billion per year by 2023.
On Monday Exxon announced plans to invest $3 billion in carbon capture and other emissions-cutting technology. The move is too little too late, according to some, who say Exxon should have prioritized investing for the future. Peers including BP have also set net-zero targets.
XOM shares were better by 67 cents, or 1.5%, to $45.59.
