ExxonMobil Dominated Last Year, Delivering 1 of Its Best Performances of the Past 10 Years
ExxonMobil (NYSE: XOM) is a powerhouse in the oil patch. The oil giant delivered an industry-leading financial performance last year, producing over $33 billion in earnings and $55 billion in cash flow from operations. That was its third-best performance over the past decade.What's remarkable about Exxon's success last year is that it achieved such strong results without a big boost from commodity prices. Instead, the company's business transformation strategy helped fuel its strong year.Exxon produced about $33.7 billion, or $7.84 per share, of earnings last year, around $2.3 billion less than in 2023. That was largely due to a $2 billion impairment related to regulatory challenges in restarting production and distribution from the now-sold Santa Ynez Unit in California. In addition, the company faced some headwinds from lower refining industry margins and a decline in natural gas prices from 2023's historically high levels.Continue reading
ExxonMobil (NYSE: XOM) is a powerhouse in the oil patch. The oil giant delivered an industry-leading financial performance last year, producing over $33 billion in earnings and $55 billion in cash flow from operations. That was its third-best performance over the past decade.
What's remarkable about Exxon's success last year is that it achieved such strong results without a big boost from commodity prices. Instead, the company's business transformation strategy helped fuel its strong year.
Exxon produced about $33.7 billion, or $7.84 per share, of earnings last year, around $2.3 billion less than in 2023. That was largely due to a $2 billion impairment related to regulatory challenges in restarting production and distribution from the now-sold Santa Ynez Unit in California. In addition, the company faced some headwinds from lower refining industry margins and a decline in natural gas prices from 2023's historically high levels.
