Exxon Mobil on Friday reported adjusted quarterly profits that missed Wall Street estimates, though the oil major posted the strongest annual earnings since 2014.
Shares of Exxon were down about 3 percent at $86.35 in pre-market trading.
The Irving, Texas-based company reported fourth-quarter earnings of 88 cents a share, excluding the impacts of U.S. tax reform and impairments. Analysts had expected earnings of $1.04 a share
“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,” Exxon Chairman and CEO Darren Woods said in a statement.
“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.”
Exxon’s revenues came in at $66.52 billion in revenues, also missing estimates for $74.31 billion in sales.
In the year ago period, Exxon earned 90 cents per share, excluding a $2 billion charge, on $61.02 billion in revenues.
Exxon Mobil on Wednesday announced it would leave its quarterly dividend unchanged at 77 cents per share.
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