Exxon (XOM) Q4 2023 Earnings Report.

An Exxon Mobil gas station in Washington, DC, United States, Tuesday, November 28, 203.

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Exxon Mobile reported quarterly earnings that beat Wall Street expectations, but the company’s profits fell significantly from the same period a year earlier due to weakening oil prices.

Exxon declared a first-quarter dividend of 95 cents per share payable March 11. The company returned $32.4 billion to shareholders in 2023 through $14.9 billion in dividends and $17.4 billion in share buybacks.

Exxon shares rose about 2% in early trading.

Here’s what Exxon reported for the fourth quarter compared to what Wall Street expected, based on a survey conducted by analysts at LSEG, formerly known as Refinitiv:

  • Earning per share: $2.48 adjusted versus $2.21 expected
  • Income: $84.3 billion, up from $85.2 billion

Exxon reported net income of $7.63 billion, or $1.91 per share, for the final three months of 2023, down 40% from $12.75 billion, or $3.09 per share , of the profit recorded in the same quarter of 2022.

Profits were hurt by a $2 billion writedown in California due to regulatory issues that prevented the restoration of production and distribution. Excluding those charges, Exxon earned $2.48 per share, beating Wall Street expectations of $2.21 per share.

Crude oil prices have been volatile in 2023, with West Texas Intermediate and Brent falling more than 10% on the year due to a weakening Chinese economy and record U.S. oil production.

Exxon shares hit a 2023 closing high of $120.20 on Sept. 27, when oil prices hit their peak, but the company’s stock ended the year down 16% from that high as crude retreated.

The oil major has agreed to buy its shale rival Natural resources pioneer in October for approximately $60 billion in an all-stock transaction. The deal is expected to close in the first half of this year.

Read the full press release here.

This is a developing story. Please check back for updates.

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