Exxon Thursday posted an overall net income decline of 4% for the fourth quarter, citing lower natural gas realizations and refining margins, which were partly offset by higher crude realizations and improved chemical margins.
The company ( XOM74.39, +0.29, +0.4% ) reported fourth-quarter earnings of $10.25 billion, or $1.76 a share, on revenue of $90.03 billion. This net income figure includes a special tax-related gain of $410 million. In the same period a year earlier, the Irving, Texas-based oil and gas giant earned $10.71 billion, or $1.71 a share, on revenue of $99.34 billion.
On an adjusted basis, excluding special items, the company earned $9.84 billion, or $1.69 a share, in the latest quarter. The average estimate of analysts polled by Thomson Financial was for a profit of $1.51 a share in the December period. In the year-ago period, excluding items, Exxon earned $10.32 billion, or $1.65 a share. Upstream earnings totaled $6.22 billion in the latest quarter, down about $818 million from last year, due to the lower natural gas realizations and decreased volumes resulting from lower European demand.
Downstream earnings reached $1.96 billion, down $430 million from last year, with the lower refining and marketing margins offsetting benefits from the company's efforts to efficiently manage its inventories. Chemical earnings excluding items rose to $1.24 billion in the latest quarter, benefiting from improved margins and higher volumes.
Exxon Mobil also said it repurchased 115 million shares of its common stock in the fourth quarter at a gross cost of $8.4 billion. Shares outstanding were reduced to 5.73 billion as of Dec. 31. The stock closed Wednesday at $74.10, down 29 cents.
No comments:
Post a Comment