“I’m done with fossil fuels. They’re done,” MadMoneyOnCNBC's JimCramer says after oil giants Exxon Mobil and Chevron reported Q4 earnings this morning. “We’re in the death knell phase.”
earned $5.69 billion in the fourth quarter, down from $6 billion in the same period as weakness in the company's chemicals and downstream divisions, as well as consistently lower oil prices pressured profits.
Oil-equivalent production was 4 million barrels per day, which was in-line with the same quarter a year earlier. Production in the oil-rich Permian spiked 54% year-over-year, and during the fourth quarter production began in the company's offshore Guyana operations. The company said that capital and exploration expenditures grew 8% year-over-year to $8.46 billion.
The company completed the sale of its upstream assets in Norway, which added $3.7 billion to earnings, and is part of the company's plan to divest around $15 billion worth of non-strategic assets by 2021.
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