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Exxon Mobil (NYSE:XOM) shares edged marginally higher pre-market Friday after posting Q4 adjusted earnings that beat Wall Street estimates, driven by record production in the Permian Basin and Guyana.
The company reported net income of $7.61 billion ($1.72 per share), nearly flat from $7.63 billion ($1.91 per share) a year earlier. Revenue declined 1% year-over-year to $83.43 billion. Impairments from asset sales, including a Nigerian joint venture, cost $608 million in the quarter. Q4 production rose to 4.6M boe/day, with crude output at 3.21M bbl/day and natural gas at 8.33Mcf/day.
Exxon said over 50% of its 2024 production came from Permian, Guyana, and LNG and expects that share to exceed 60% by 2030. Exxon returned $36 billion to shareholders in 2024, backed by $36.2 billion in free cash flow. The company led the industry with a 12.7% return on capital employed.
This article first appeared on GuruFocus.