Oil demand continues to rise, resulting in a profit for Exxon Mobil in the fourth quarter.
In the last three months of 2021, oil and natural gas company earnings amounted to $8.87 billion, or $2.08 per share. The company lost $20.07 billion in the previous year, or $4.70 per share.
Zacks Investment Research predicted an average profit of $1.96 per share after removing certain items. Earnings were $2.05 per share without those items.
The reported results of Exxon are not adjusted for one-time events such as asset sales.
After a slowdown during the pandemic, demand for oil is revving up, and Exxon is up 24% so far this year. Crude is up 17% so far this year.
In a statement on Tuesday, Chairman and CEO Darren Woods said that the company’s effective pandemic response, focused investments during the down-cycle, and structural cost savings have positioned it to reap the full benefits of market recovery in 2021.
In terms of oil-equivalent production, excluding the effects of entitlements, divestments, and government mandates, production increased by 2%.
Wall Street had forecast revenue of $82.44 billion for the quarter, but revenue surged to $84.97 billion from $46.54 billion.
An Exxon report on its financials comes after the company announced that it was restructuring its business into three divisions. The company is moving its headquarters from Irving, Texas, to its campus north of Houston, 250 miles away.
A slight increase in Exxon’s shares preceded the opening of the market.