ExxonMobil flat after confirming record profit

ExxonMobil stock dipped before recovering in premarket trading on Tuesday, after confirming expectations of one of corporate America’s biggest ever annual profits.

The oil and gas group said it made $12.8 billion in the final quarter of the year, bringing total profit for 2022 to $55.7B. Reported earnings per share at $3.09 (adjusted $3.40), were however below a consensus forecast of $3.29, due in part to higher taxes on its operations in Europe, and to write-offs on its Sakhalin-1 oil project off Russia’s Pacific coast.  

Exxon said it expects to pay another $400M in taxes in Europe in the coming quarter, on top of $1.8B paid in the last quarter. 

It also said that it expects its daily output in the current quarter to be in line with the 3.8 million barrels of oil equivalent posted in the final quarter of 2022, with growth in its Permian basin projects offsetting asset disposals elsewhere.