Exxon Mobil Corp reported a 5.2% drop in fourth-quarter profit on Friday, as ass...
) reported a 5.2% drop in fourth-quarter profit on Friday, as assets sales propped up flat year-over-year oil and gas output and weakness in its refining and chemicals businesses.
Shares were down 1% to $64.08 in premarket trading. The stock is down nearly 29% since Chief Executive Darren Woods took over three years ago. Analysts said the weakness across its businesses means Exxon will still have to borrow to cover its shareholder dividend. Investors have been pushing oil companies to improve their returns by increasing dividends or share buybacks. Exxon has frozen its share repurchases except for offsetting dilution for employee awards.
Excluding one-time items, per share earnings were 41 cents, below Wall Streets consensus expectation of 43 cents, according to Refinitiv. Analysts earlier this month had slashed estimates from 71 cents after the company warned of weakness in chemicals and refining.
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