Exxon overcomes heavy charges and falling crude prices in the fourth quarter, beating profit expectations

Exxon Mobil’s fourth-quarter revenue and profit fell along with the price of oil, and the energy giant suffered a significant impairment charge related to regulatory issues in California. Still, it posted healthy adjusted profits and increased its quarterly dividend.

Shares rose 2% before the market opened Friday.

Revenue for the three months ended December 31 fell to $84.34 billion from $95.43 billion. That fell short of the $91.81 billion expected by analysts polled by Zacks Investment Research.

Exxon earned $7.63 billion, or $1.91 per share, in the quarter. A year earlier, the company earned $12.75 billion, or $2.25 per share.

The current quarter included a $2.3 billion impairment charge, of which $2 billion was related to regulatory hurdles in California that prevented production and distribution assets from coming back online.

Excluding costs and other items, earnings were $2.48 per share.

Analysts expected earnings of $2.21 per share. Exxon does not adjust its reported results based on one-time events such as asset sales.

The Spring, Texas-based company increased its quarterly dividend by 4% to 95 cents per share.

Exxon was on a bit of a shopping spree last year when oil prices soared.

In July, the company said it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has focused on and stands to benefit from carbon capture and storage. changes in US climate policy.

In October, Exxon made the deal even bigger by announcing it would acquire a shale gas operator Pioneer Natural Resources for $60 billion. Two months later, the Federal Trade Commission, which enforces federal antitrust law, requested it Extra information of the…

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