Exxon Mobil boosted by "record production" in Guyana and Permian

(Alliance News) - Exxon Mobil Corp on Friday saw revenue for 2024 tick upwards as the firm expressed optimism around its plans to deliver more earnings and cash.

The Houston, Texas-based oil and gas exploration company said revenue fell 1.1% to USD83.43 billion in the 3 months ended December 31, from USD84.34 billion the prior year.

Net income fell slightly, down 0.7% to USD7.96 billion from USD8.01 billion and diluted earnings per share reduced by 10% to USD1.72 from USD1.91.

For the full-year, net income fell 6.1% to USD35.06 billion from USD37.35 billion a year prior and diluted EPS reduced by 12% to USD7.84 from USD8.89.

By contrast, revenue increased by 1.5% to USD349.59 billion from USD344.58 billion, as the firm reported record production from Guyana and Permian.

It also noted record high-value product sales volumes, which it said more than offset lower base volumes from non-strategic asset divestment and scheduled maintenance.

Looking ahead, the firm highlighted its "uniquely advantaged growth plans", and indicated that certain projects could bring in over USD3 billion in earnings in 2026.

Exxon Mobil declared a first quarter dividend for 2025 of USD0.99, matching the previous quarter's figure.

Shares in Exxon Mobil were up 0.8% at USD110.42 in premarket trading in New York on Friday.

Chair & Chief Executive Darren Woods said: "Our transformed company delivered unmatched value in 2024...The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade.

"As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030, but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders."

By Christopher Ward, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.