Exxon Mobil Profit Surges, Becomes Permian Leader

Exxon Mobil exceeded Wall Street's expectations for the fourth quarter by reporting a profit of $7.39 billion or $1.67 per share, surpassing analyst estimates of $1.56, due to increased oil and gas production despite lower oil prices and refining margins. The company's growth was fueled by its operations in the Permian basin and Guyana, where it achieved record production levels. Exxon's total earnings for 2024 were $33.46 billion, a decline from the previous year, reflecting challenges in the refining sector due to global supply increases. The acquisition of Pioneer Natural Resources in 2024 positioned Exxon as the largest oil producer in the Permian basin. While Exxon faced a significant drop in refining earnings, the company managed to mitigate this with cost savings and strategic asset sales. Looking forward, Exxon anticipates continued pressure on refining margins and is closely monitoring global supply impacts.