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Exxon beats fourth-quarter estimates with higher Permian, Guyana output

Exxon Mobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.

Fourth quarter profit was $7.39 billion. Profit per share was $1.67, beating analyst estimates of $1.56, according to LSEG data.

The No. 1 U.S. oil producer reported total earnings of $33.46 billion for full-year 2024, down from $38.57 billion the year earlier.

The company became the largest oil producer in the Permian basin in 2024, the biggest U.S. oilfield, after closing its acquisition of Pioneer Natural Resources in May.

Exxon's low production costs in the basin and its lucrative and prolific projects in Guyana have bolstered the company's profits despite lower oil prices and a decline in profits for making fuel.

The company signaled earlier this month that sharply lower oil refining margins would cut earnings by between $300 million and $700 million compared to the third quarter.

The startup of new oil refineries by other companies in Asia and Africa led to higher global fuel supply, even as demand for gasoline and diesel lagged expectations.

The refining business remains under pressure as the additional supply enters the market, said Exxon Chief Financial Officer Kathryn Mikells in an interview.

"That's really what we're watching as we look ahead to 2025," she said.

The company previously said that impairments across the business would cost about $600 million in the fourth quarter. The charges come from selling non-strategic assets, including a joint venture in Nigeria, Mikells said.

The largest U.S. oil producer continues to expect a decision by September in its arbitration challenge to Chevron's acquisition of oil producer Hess, she said. If Chevron proceeds, it

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