XOM Exxon Mobil Corp

Exxon Mobil Corp. (XOM) Friday reported a 72% jump in adjusted earnings in the fourth quarter amid higher natural- gas prices and liquids volume growth.

On its upstream results:

"Crude prices weakened in the fourth quarter, while natural gas prices strengthened with higher LNG prices and increased seasonal demand. Natural gas volumes were supported by stronger seasonal gas demand in Europe. Permian unconventional production continued to ramp up in the fourth quarter, with production up more than 90 percent from the same period last year."

On its downstream results:

"Industry fuels margins weakened during the quarter due to lower seasonal gasoline demand and increased supply. The company captured benefits from North American crude differentials with its integrated logistics and manufacturing capabilities. Overall reliability remained strong during a quarter with higher levels of scheduled maintenance activity."

On its chemical results:

"Chemical margins weakened during the quarter with lengthening supply from recent capacity additions. Sales growth from investments resulted in the highest annual volumes in over ten years. Turnaround activities were completed at the Singapore chemical plant during the fourth quarter."

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 01, 2019 08:38 ET (13:38 GMT)

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