Exxon Exceeds Expectations with $8.6 Billion Profit Amid Price Weakness

Exxon Mobil Corp reported a higher-than-expected profit of $8.6 billion in the fourth quarter, beating analysts’ estimates as the company’s strong volume of oil and gas production offset weakness in prices.

The oil giant’s profit was driven by a 6 percent increase in production, which helped to offset the impact of lower crude oil prices. Exxon’s production of oil and natural gas reached 4 million barrels per day, up from 3.8 million barrels per day in the same quarter last year.

The company’s refining and chemicals businesses also performed well, with profits up 13 percent from the previous year. Exxon’s downstream operations benefited from higher margins for refined products and strong demand for chemicals, despite a challenging market environment.

Exxon’s strong performance in the fourth quarter comes as the company continues to ramp up its investments in new projects, particularly in the Permian Basin in Texas and New Mexico. The company is also focusing on expanding its presence in liquefied natural gas (LNG) markets, with plans to invest in new LNG projects in Mozambique and Papua New Guinea.

Investors have welcomed Exxon’s robust earnings report, sending the company’s stock price up by more than 2 percent in after-hours trading. The company’s strong financial performance is a positive sign for the oil and gas industry, which has been facing challenges from volatile commodity prices and geopolitical uncertainty.

Exxon’s $8.6 billion profit beat underscores the company’s ability to navigate a challenging market environment and deliver strong results for its shareholders. With a focus on increasing production and expanding its portfolio of projects, Exxon is well positioned to continue its success in the global energy market.