Exxon Makes Biggest Profit in 7 Years as Oil Prices Rise
Exxon Mobil Corp, the oil and gas giant from the United States, reported a profit of US$ 8.87 billion or around Rp. 126.8 trillion in the fourth quarter of 2021. This achievement was the largest in the last seven years due to soaring world energy prices.
The company cut spending after demand for fuel declined two years ago. But since then, earnings have topped pre-pandemic levels, helped by rising oil prices, with global oil benchmark Brent also at its highest level in seven years.
Exxon also revealed a business overhaul to accelerate a $6 billion cut in operating costs that began last year.
The revamp will "position us to lead cash flow and revenue growth, operating performance, and the energy transition," Exxon Chief Executive Darren Woods said in a statement.
The continuation of high oil prices will "cause us to increase the pace of our share buyback program," said Chief Financial Officer Kathryn Mikells.
Exxon began share buybacks last month after a lengthy holdout, with a pledge to buy $10 billion by the end of 2023.
"ExxonMobil closed a turbulent year with results that can be described as solid," Peter McNally, global sector leader at research firm Third Bridge.
Exxon reported adjusted earnings of $2.05 per share, 11 cents above analyst estimates as earnings benefited from soaring oil and gas prices, higher volume and asset sales. In the same quarter of 2020, Exxon posted adjusted earnings of 3 cents per share.
Oil and gas production, Exxon's largest business, posted an operating profit of $6.1 billion, its highest in two years. This achievement was benefited by an 80% increase in oil prices and a doubling of natural gas prices compared to 2020.
Now the company plans to increase production in the US shale oil basin by 25% this year, in addition to a similar increase last year in the Permian, where output stood at 460,000 barrels per day (bpd).
Meanwhile, Exxon's oil refinery business posted a fourth-quarter net operating profit of $1.4 billion, up consecutively and a big swing from 2020 when results were hurt by a pandemic-related decline in demand.
Chemicals operating revenues more than doubled profits in the same period last year when businesses were hurt by the pandemic. Exxon said Monday that it will combine its refinery and chemicals businesses
https://wadeszig.vip/exxon-makes-biggest-profit-in-7-years-as-oil-prices-rise/
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