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Resilience amidst challenges: fourth-quarter earnings revealed
Exxon Mobil Corporation announced a profit of $7.6 billion or $1.91 per share (assuming dilution) in its fourth-quarter 2023 earnings, which were announced at the end of February. Despite challenges posed by fluctuating oil and gas prices, the Corporation managed to generate revenue of $84.34 billion for the three months ended 31 December 2023.
The decline in fourth-quarter revenue and profits was primarily attributed to ongoing fluctuations in oil and gas prices, and a significant impairment charge linked to regulatory issues in California, affecting production and distribution. However, it's worth noting that the impact of impairments was partially offset by favourable tax and divestment-related factors.
ExxonMobil raised its quarterly dividend, underscoring its commitment to delivering value to shareholders.
For the full year 2023, Exxon Mobil Corporation reported earnings of $36.0 billion, or $8.89 per share assuming dilution, reflecting its strong performance over the year despite market challenges.
“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023,” said Darren Woods, chairman and chief executive officer.
“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”