Exxon Mobil’s topped most expectations in the fourth quarter as the energy giant reported solid production in the Permian Basin and Guyana.
For the three months ended Dec. 31, Exxon earned $6.5 billion, or $1.53 per share. It earned $7.61 billion, or $1.72 per share, a year earlier.
Excluding one time charges and benefits earnings were $1.71 per share, topping the $1.68 per share that Wall Street was calling for, according to a poll by Zacks Investment Research. Exxon does not adjust its reported results based on one-time events such as asset sales.
Revenue totaled $82.31 billion, which was below the $83.18 billion that analysts expected.
Fourth-quarter net production was 5 million oil-equivalent barrels per day. That’s up slightly from 4.7 million oil-equivalent barrels per day in the third quarter. The quarterly performance included 1.8 million oil-equivalent barrels per day in the Permian and Guyana approaching 875,000 gross barrels per day.
Exxon’s stock dropped more than 2% before the market opened Friday.
Earlier this month President Donald Trump said that he is “inclined” to keep Exxon Mobil out of Venezuela after its top executive was skeptical about oil investment efforts in the country after the toppling of former President Nicolás Maduro.
Getting U.S. oil companies to invest in Venezuela and help rebuild the country’s infrastructure is a top priority of the Trump administration after Maduro’s capture.
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