Exxon -3% premarket after Q4 earnings miss, 3% drop in production

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (NYSE:XOM) -2.8% premarket after missing expectations for Q4 earnings and revenues, as global production fell 3% Y/Y to 4B boe/day.

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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