Exxon Mobil Sinks As it Misses on Q4 Earnings

Oil company Exxon saw its shares slide in Friday trading after the company reported fourth quarter earnings that fell short of what analysts had been expecting.

The company reported EPS of 88 cents a share, excluding the U.S. tax reform and impairment effects. Analysts had waited for $1.04 a share.

The company reported revenues of $66.52 billion, while analysts had been expecting $74.31 billion.

CEO Darren Woods commented, “The impact of tax reform on our earnings reflects the magnitude of our historic investment in the U.S. and strengthens our commitment to further grow our business here.”

“We’re planning to invest over $50 billion in the U.S. over the next five years to increase production of profitable volumes and enhance our integrated portfolio, which is supported by the improved business climate created by tax reform,” he continued.The company saw corporate and financing expenses rise by $3 billion, mostly due to “unfavorable impacts” of $2.1 billion from U.S. tax reform.

For the full year profits were $19.71 billion. This was the strongest year Exxon has posted since 2014.

Disclaimer: We have no position in Exxon Mobil Corporation (NYSE: XOM) and have not been compensated for this article.