(Reuters) – Exxon Mobil Corp (XOM.N) on Tuesday reported a fourth-quarter profit of $8.87 billion, the largest in seven years ago, as the top U.S. oil producer benefited from strong energy prices.
The company slashed spending after demand cratered two years ago with earnings in recent quarters jumping above prior levels. On Monday, Exxon disclosed a business shakeup to accelerate a $6 billion cut to operating expenses set in motion last year. read more
It reported a per share profit of $2.08, above analysts forecast of $1.94 as operating profit in oil and gas production soared. In the same quarter a year ago, Exxon posted an adjusted profit of three cents a share.
The company set capex between $21-24 billion, narrowing the range from the previous guideline of spending between $20-25 billion.