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The Key Takeaways
- ExxonMobil announced on Friday that its final quarter 2024 revenue was lower than forecast, but profits were higher.
- In 2024 the oil and gas company said its production reached its highest level in over 10 years, 4.33 million equivalent barrels of crude oil per day.
- The company's stock moved lower in Friday morning trading.
ExxonMobil's profits topped analyst estimates despite lower revenue than expected for the fourth quarter as the oil and gas giant said its production in 2024 hit its highest level in over a decade.
ExxonMobil, (XOM), announced on Friday it had generated $83.43billion in revenue for the last quarter of 2024. That’s a little less than compared to the same period a year earlier and around $1billion below what analysts expected.
Despite revenue falling short, the company's roughly flat net income of $7.61 billion, or $1.72 per share, topped estimates.
According to the company, it produced approximately 4.6 millions barrels of equivalent oil (BOED) during the fourth-quarter. The company said it produced about 4.6 million BOED in the fourth quarter.
Exxon’s results are the opposite to those of Chevron, a rival oil and natural gas producer (CVX), whose revenue easily exceeded expectations while profits lagged behind.
ExxonMobil’s shares fell about 1% on Friday morning, despite better than expected profits.
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