Exxon beats Q4 estimates with higher Permian, Guyana output

In This Article:

XOM -1.31%

(Corrects paragraph 5 to 4.58 million, not billion)

By Sheila Dang

HOUSTON (Reuters) -Exxon Mobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.

Its adjusted profit was $7.39 billion or $1.67 per share, beating analyst estimates of $1.56, LSEG data showed.

Exxon's low production costs in the basin and its lucrative and prolific projects in Guyana have bolstered the company's profits despite lower oil prices and a decline in profits on making fuel. The company became the largest oil producer in the Permian basin in 2024, the biggest U.S. oilfield, after closing its…