Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Annual profits top $36bn at ExxonMobil
(Sharecast News) - ExxonMobil posted above-forecast earnings on Friday, as increased production helped offset a decline in energy prices. Annual net earnings came in at $36.01bn, down on last year's $55.7bn but otherwise the US oil major's highest since 2012.
Last year's results benefited from the surge in oil and gas prices to record highs following Russia's invasion of Ukraine.
The 2023 numbers also included a $2bn impairment charge relating to assets in California, which Exxon is trying to offload.
Once stripped out, earnings fell 35% to $38.6bn.
In the fourth quarter, adjusted earnings per share eased to $2.48 from $3.40 a year earlier. Analysts had been expecting EPS closer to $2.22.
Exxon's main assets are in the massive Permian Basin, which stretches across Texas and New Mexico, and in Guyana, where it discovered 11bn barrels of oil in 2015. Exxon said production at the assets had increased by 18% during the year.
Upstream annual earnings came in at $21.3bn. Exxon said: "Higher volumes and improved mix, mainly from Guyana and Permian growth, and stronger gas realisations more than offset lower crude realisations, unfavourable tax impacts and year-end inventory effects."
Darren Woods, chief executive, said: "These results demonstrate the fundamental improvements we've made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments while at the same time driving a higher level of efficiency and effectiveness throughout the business."
Exxon is the latest oil giant to report bumper results, albeit down on the previous year.
Also on Friday, US peer Chevron posted net income of $21.bn, down from $35.5bn a year previously but otherwise its highest since 2013.
And on Thursday, Shell said 2023 profits fell to $28.2bn from $39.9bn. The 2022 earnings were the company's highest-ever.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.