Exxon Records Record Earnings From Oil. Greta violently stamps her feet
ExxonMobil (reported its largest quarterly profit for the fourth quarter in seven years, while its full-year 2021 cash flow from operations jumped to its highest since 2012 as oil and gas prices soar. Shareholders uncork bottles of champagne and shares, to use an eighties term, skyrocket.
Exxon announced on Tuesday fourth quarter 2021 earnings of $ 8.9 billion, or 2.08 per share assuming dilution, with full-year earnings of $ 23 billion, or $ 5.39 per share.
Earnings per share excluding rumors was $ 2.05, ahead of analyst consensus forecast in the Wall Street Journal of $ 1.94 per share.
Cash flow from operating activities jumped to $ 48.129 billion for the full year, the highest level since 2012, Exxon said in a statement. Last year's cash flow was more than enough to cover capital investments, debt relief and dividends.
Beginning this quarter, Exxon announced stock repurchases as part of its previous repurchase program of up to $ 10 billion over the next 12-24 months. It also plans to spend between $ 21 and $ 24 billion this year, up from $ 16.6 billion spent last year. Another capital gain for shareholders who believed in… oil. Exxon production in the Permian increased by nearly 100,000 barrels of oil per day in 2021, resulting in improved capital efficiency, the company said, adding that “The goal remains to continue growing free cash flow by increasing the recovery through efficiency gains and technological applications.
"We have made great progress in 2021 and our future plans position us to be leaders in cash flow and earnings growth, operational performance and energy transition," said president and CEO Darren Woods, who will certainly see compensation resolved. Interesting.
After Chevron, another major oil company has a bumper year of earnings. For this he must thank Greta and the amateur green policies implemented by the European Commission which invested in unstable forms of energy, favoring oil and natural gas. Furthermore, the national oil companies were punished to the advantage of the American ones who, quietly, have increased production and drilling at a time of high profits. It seems that Greta is violently stamping her feet.
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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/exxon-registra-utili-record-dal-petrolio-greta-pesta-violentemente-i-piedini/ on Tue, 01 Feb 2022 16:33:07 +0000.