ExxonMobil: earnings boosted by US tax reform

(CercleFinance.com) - ExxonMobil on Friday reported FY 2017 earnings of 19.
7 billion dollars, driven by higher prices and a non-cash gain, due to the US tax reform.

Profit in Q4 jumped to 8.4 billion dollars, or 1.97 dollar per share, from 1.7 billion dollars, or 0.41 per share, in Q4 2016.

Earnings were helped by the US federal tax reform, which resulted in a non-cash gain of 5.9 billion dollars, due to the revaluation of deferred income tax balances, Exxon said.

With the tax reform in full mode, the oil major is now planning to invest over 50 billion dollars in the US over the next five years to increase production.

In 2017, its capital and exploration expenditure totaled 23.1 billion dollars, up 20% relative to 2016.


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