Exxon Mobil posted a loss of $20.07 billion for its latest quarter.
Photo: Brandon Thibodeaux for The Wall Street Journal
Exxon Mobil Corp. XOM 0.18% posted its fourth consecutive quarterly loss, bringing its total loss for the fiscal year to more than $22 billion.
The company reported a fourth-quarter loss of $20.07 billion, or $4.70 a share, compared with a profit of $5.69 billion, or $1.33 a share, a year earlier. Adjusted profit was 3 cents a share, which exceeded Wall Street’s consensus estimate of 1 cent a share, according to FactSet.
The company’s fourth-quarter results included more than $19 billion in impairments.
“The past year presented the most challenging market conditions ExxonMobil has ever experienced,” Chief Executive and Chairman Darren Woods said in prepared remarks.
Shares of Exxon rose 2.2% in premarket trading.
Rival Chevron Corp. last week posted its third quarterly loss in a row. The Wall Street Journal reported over the weekend that Exxon and Chevron discussed a potential merger last year.
The company, under pressure from activist investors, on Tuesday said it added Tan Sri Wan Zulkiflee Wan Ariffin, former president and group CEO of Malaysia’s state oil firm Petronas, to the board. Exxon said that it is talking to other board candidates and that it expects to take further action in the near term.
Exxon said Tuesday that fourth-quarter oil-equivalent production was 3.7 million barrels a day.
Revenue and other income fell 31% to $46.54 billion, nearly in line with Wall Street’s consensus estimate of $46.55 billion.
Exxon said Monday it is creating a division to focus on technologies to cut carbon emissions. The new business will be called “low carbon solutions.”
Write to Allison Prang at [email protected]
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