The oil company reported record annual earnings of $55.7 billion for 2022 in its quarterly results.
Exxon Mobil Corp. reported mixed quarterly results on Tuesday, but Wall Street eyed its production hopes in West Texas’s Permian Basin and liked what it saw.
Exxon XOM on Friday reported adjusted per-share earnings of $3.40 for its fourth quarter, ahead of FactSet consensus for $3.29 a share, and revenue of $95.429 billion, below the $97.345 billion that the analysts polled by FactSet expected. Exxon’s Permian production hit a record in the quarter of more than 560,000 oil-equivalent barrels a day, growing by about 90,000 oil-equivalent barrels, Exxon said.The Permian is “a key part of [Exxon’s] growth engine,” Alastair Syme at Citi said in a report.
“We leaned in when others leaned out, bucking conventional wisdom,” Woods said. “We continued with these investments through the pandemic and into today.” Citi rates both stocks as the equivalent of hold, but Exxon’s stock appears to be “the cheaper of the two,” Syme said.
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