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Exxon signals fourth quarterly profit in a row on higher prices -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This sign can be seen at Exxon’s Brooklyn station on November 23, 2021. REUTERS/Andrew Kelly

Sabrina Valle

HOUSTON (Reuters). Exxon Mobil On Thursday, Corp (NYSE 🙂 indicated a return in annual profit for 2021 after higher oil and gas prices drove $1.9 billion in operating profits in the fourth-quarter.

A snapshot of the U.S.’s largest oil producer released its final quarter results. It showed that it expected sequentially higher operating profits in its upstream business, while potentially flat or lower operating profits for downstream and chemical businesses. February 1 will bring the official results.

Exxon suffered a $22.4 billion historical loss due to writedowns resulting from lower oil prices and reduced refining margins in 2020. It has been able to reduce costs and plan a buyback program for next year thanks to energy price increases.

According to Refinitiv IBES data analysts expect an adjusted profit to be $1.76 per share in the third quarter, as compared with 3 cents per share without writedowns one year ago.

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