Exxon Mobil (XOM.N) on Friday reported its strongest quarterly results in four years, in line with analysts’ profit estimates, as oil and gas prices more than doubled in the past year.
The largest United States oil producer met Wall Street’s $1.57 per share profit estimate, according to Zacks Investment Research.
A strong cash flow outlook will allow the company to increase shareholder distributions by up to $10 billion through a share repurchase program over 12-24 months, beginning in 2022, Exxon said in a filing.
Results reflect soaring natural gas prices, improving refining margins and supply shortages that pushed oil to a three-year high during the quarter. Crude prices have continued to climb to a near seven-year high.
Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta and Steve Orlofsky