ExxonMobil Q4 profit beats forecasts
ExxonMobil, the world's largest energy company, on Tuesday posted
slightly better-than-expected profit for the fourth quarter, despite
easing high oil prices.
ExxonMobil said net income was $9.4 billion in the final three months
of 2011, up a modest 2.0 percent from the year-ago period as refining
margins shrank.
Earnings of $1.97 per share were one cent higher than analysts
expected.
On an oil-equivalent basis, production fell 9.0 percent from the
fourth quarter of 2010, mainly because of a reduction in natural gas
output, the Irving, Texas-based company said in a statement.
For all of 2011, net income leaped 34 percent to $41.0 billion,
benefiting from higher oil and natural gas prices, the company said in a
statement.
Revenue numbers also highlighted the slower growth in the fourth
quarter: net revenue rose 15 percent to $121.6 billion, above the Wall
Street forecast of $119.7 billion.
The gain was almost half as much for the full year, when sales surged
27 percent.
Investors punished the shares, pushing them down 1.3 percent to
$84.40 in pre-market trade.
ExxonMobil said it had a record $36.8 billion in capital and
exploration expenditures in 2011.
"ExxonMobil recorded strong results while investing at record levels
to develop new supplies of energy that are critical to meeting growing
world demand, and supporting economic recovery and growth," chairman Rex
Tillerson said in the statement.
The company highlighted that it was the high bidder on 50 blocks in
the most recent US Gulf of Mexico lease sale, "providing new exploration
opportunities." It also noted that construction of a lower-sulfur fuels
project had begun at the joint Saudi Aramco and ExxonMobil refinery in
Yanbu, Saudi Arabia.
ExxonMobil said it had distributed $29 billion to shareholders in
2011 through dividends and share purchases.
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