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Exxon Mobil Corp’s (NYSE:XOM) fourth-quarter FY23 result adjusted net profit came in at $9.96 billion, or $2.48 per share, down from $14.04 billion, or $3.40 per share, a year earlier, beating the consensus of $2.21.
Adjusted profits were higher Q/Q, led by favorable derivative mark-to-market impacts, increasing volume and mix on advantaged Guyana and Permian assets, and stronger chemical margins.
Revenue and other income slipped to $84.34 billion from $95.43 billion and missed Wall Street’s estimate of $85.23 billion.
Net production stood at 3,824 thousand oil-equivalent barrels per day, almost flat Y/Y, and rose 136,000 oil-equivalent barrels per day Q/Q thanks to favorable entitlement effects and growth in Permian and Guyana assets.
The company’s capital and exploration expenditures stood at $7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to $26.3 billion, slightly above the top end of the guidance range of $23 billion to $25 billion.
In October, Exxon inked a definitive agreement to acquire Pioneer Natural Resources Co (NYSE:PXD) in an all-stock transaction valued at $59.5 billion, or $253 per share.
Also, in the fourth quarter, Exxon Mobil disclosed its new Mobil Lithium business, with a planned first production for 2027 and, aims to produce enough Mobil Lithium with the potential to supply around one million EVs per year.
Also Read: ExxonMobil’s LNG Leap: Secures 1.2 MTPA Boost From Mexico Pacific Project
Dividend: Exxon declared first-quarter dividend of $0.95 per share, payable on March 11, 2024, to shareholders of record as of February 14, 2024. The company has increased its annual dividend for 41 consecutive years, including the increase of $0.04 per share, or 4% in fourth-quarter FY23.
Price Action: XOM shares are down 0.79% at $101.58 premarket on the last check Friday.
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