Exxon beats profit expectations, but falling oil prices weigh on profits

Exxon Mobil reported a quarterly profit that beat Wall Street expectations, but the company’s profits fell significantly from the same period a year earlier.

In the fourth quarter, the company reported adjusted earnings per share of $2.48 versus the expected $2.21. In the final three months of 2023, Exxon reported net income of $7.63 billion, or $1.91 per share, down 40% from $12.75 billion, or $3.09 per share, recorded in the same quarter of 2022.