Middle East

Exxon Q4 earnings are poised to surpass pre-pandemic earnings


January 3, 2022

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ExxonMobil’s fourth-quarter earnings were above Wall Street consensus, above pre-pandemic levels, and supported by higher-than-expected oil and gas earnings, analysts said.

Credit Suisse, Scotiabank and JP Morgan raised their fourth-quarter earnings forecasts last week after Exxon reported a significant increase in oil and gas operating profit. Official results are scheduled for February 1st.

Due to the rise in earnings outlook, Exxon’s share price on Monday rose 3.8% to $ 63.51, in addition to a rise of less than 1% on Friday. Last year’s share price rose 48%, but it’s below what it was two years ago.

In 2020, the largest oil producer in the United States suffered a historic $ 22.4 billion loss due to falling oil prices and lower refining margins. Cost savings and soaring energy prices have allowed us to repay our debt and plan a share buyback program this year.

Credit Suisse analyst Manav Gupta said in a Friday note that Exxon’s securities filings were “above the midpoint” and “well above pre-pandemic levels” of pre-guidance quarterly results. ..

Except for temporary items, the company can earn $ 8.2 billion, or $ 1.93 per share, according to the interim average quotes of the three banks that updated the quotes. This is above the adjusted earnings of $ 1.79 per share for analysts compiled by Refinitiv IBES.

Exxon also shows that it has made up to $ 1.1 billion in market value for oil, gas and refined products. According to the Securities and Exchange Commission’s filings, revenue from the sale of assets, including assets in the North Sea of ​​the United Kingdom, can result in up to $ 500 million.

(Report by Sabrina Valle, edited by Marguerita Choy)

https://www.oedigital.com/news/493221-exxon-q4-earnings-poised-to-exceed-pre-pandemic-level Exxon Q4 earnings are poised to surpass pre-pandemic earnings

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