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ExxonMobil: Q4 earnings exceed expectations

( - On Tuesday ExxonMobil announced better-than-expected quarterly profit thanks to a market environment deemed favorable and the investments that the group made during the pandemic.

The company's Q4 net income rose to 12.75 billion dollars, or $3.09 per share, from 8.87 billion dollars, or $2.08 per share, a year ago.

Excluding one-offs, EPS came in at $3.40, above the consensus of $3.25.

The better-than-expected results reflect higher volumes and a strong refining margin, as well as cost reductions that helped offset rising production costs, the company said.

However, there are some grey areas, as operating cash flow, at 17.6 billion dollars, fell short of the consensus of 18.7 billion dollars.

Analysts at RBC said that the market's expectations were relatively high prior to today's release.

The share is pretty flat in pre-market trading today.

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