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Exxon post best results in seven years on oil prices -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A logo for Exxon Mobil Corp can be seen at Rio Oil and Gas Expo and Conference, Rio de Janeiro (Brazil), September 24, 2018. REUTERS/Sergio Moraes

Sabrina Valle

HOUSTON, (Reuters) –Exxon Mobil Corp reported a $4.87 billion fourth quarter profit on Tuesday. This is the highest quarterly figure since seven years ago. The top U.S. oil exporter benefited from high energy prices.

After demand plummeted two years back, the company cut spending and has seen earnings rise above previous quarters. Exxon (NYSE 🙂 announced Monday a business restructuring to speed up a $6 billion reduction in operating expenses that was initiated last year.

Exxon reported per-share profits of $2.08 in excess of analysts’ forecasts of $1.94 because operating profit from oil and natural gas production has soared. Exxon earned three cents per share in adjusted profits during the same quarter one year ago.

Capex was defined as spending between $21 billion and $44 billion. This is a reduction from the $20-25 billion range.

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