Exxon Mobil
The energy sector
Inside the Numbers
In Q4, Exxon Mobil's revenue increased more than 80% year over year to reach $85 billion which was below expectations of $91 billion. It also earned $2.05 per share, beating estimates of $1.93 per share. This was a significant improvement from last year's $0.03 per share in earnings and a sequential improvement from last quarter's $1.58 per share in earnings and $73.8 billion in revenue.
Due to its improving financial position and more bullish outlook on energy prices, Exxon announced that it would be resuming its share buyback program - up to $10 billion over the next 12 to 24 months. The company generated $48 billion in cash flow from operations which is the highest amount since 2012. It also paid down $9 billion in debt and has reduced its debt load back to pre-pandemic levels.
The company also announced plans to restructure the business into 3 units: Upstream, production solutions, and low-carbon solutions in order to enhance effectiveness and reduce costs.
In 2021, Exxon's spending came out to $16.6 billion, and it projects spending between $21 billion and $24 billion in 2022 as the company looks to increase production.