U.S. tax law changes resulted in a $5.9B non-cash earnings gain due to revaluation of deferred income tax balances.
XOM says Q4 Upstream earnings totaled $2.5B, $1B higher than the year-ago quarter, driven by higher prices as liquids realizations increased more than $10/bbl.
Q4 Downstream earnings totaled $952M, $289M less than a year ago, partially due to the absence of last year's Canada retail divestment gain of $522M.
CEO Darren Woods repeated plans for the company to invest over $50B in the U.S. in the next five years
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