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Exxon Bucks Hefty Charge, Lower Prices To Earn More Profit

Writer's picture: By The Financial DistrictBy The Financial District

Exxon Mobil saw a decline in fourth-quarter revenue and profits alongside the fall in oil prices, and the energy giant was burdened by a substantial impairment charge related to regulatory issues in California.


Exxon earned $7.63 billion, or $1.91 per share, for the quarter, compared to $12.75 billion, or $2.25 per share, a year earlier. I Photo: ExxonMobil



Nevertheless, it posted a healthy profit and increased its quarterly dividend, according to Michelle Chapman's report for the Associated Press (AP).


Shares rose by 2% before the market opened on Friday. Revenue for the three months ending on December 31 decreased to $84.34 billion from $95.43 billion, falling short of the $91.81 billion expected by analysts polled by Zacks Investment Research.


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Exxon earned $7.63 billion, or $1.91 per share, for the quarter, compared to $12.75 billion, or $2.25 per share, a year earlier.


The current quarter included a $2.3 billion impairment charge, of which $2 billion related to regulatory obstacles in California that have prevented the operation and distribution of assets.


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Excluding the charge and other items, earnings were $2.48 per share, surpassing analysts' expectations of $2.21 per share.


Exxon does not adjust its reported results based on one-time events such as asset sales. The Spring, Texas-based company raised its quarterly dividend by 4% to 95 cents per share.




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