Exxon Mobil reached formidable results in the last quarter of 2021. The oil giant’s revenue rose more than 80% year over year during the quarter amid a rebound in oil and gas prices. With the company now in a stronger financial position, Exxon Mobil said it will begin to buy back stock during the first quarter of 2022.
Its shares jumped more than 6% on Tuesday to trade at their highest level since April 2019.
The company earned $2.05 per share during the fourth quarter, excluding items. Exxon Mobil’s revenue came in at $84.97 billion, short of the $91.85 billion analysts expected.
In the fourth quarter of 2020, Exxon Mobil earned 3 cents per share, excluding items on sales of $46.54 billion. During the third quarter of 2021, the tech giant earned $1.58 per share on an adjusted basis, on sales of $73.79 billion.
Exxon Mobil and main findings
Interestingly, in the latest quarter, the company generated $48 billion of cash flow from operating activities, which was the highest since 2021. Exxon Mobil also paid down an additional $9 billion in debt during the fourth quarter, reducing debt by $20 billion over the course of full-year 2021. The company’s debt level is now back to pre-pandemic levels.
As part of its plan, the oil giant said it will begin buying back stock during the first quarter of 2022. It plans to repurchase up to $10 billion over the next 12 to 24 months.
This week, Exxon Mobil announced that it’s restructuring its business into three divisions. As a result, from April 1, Exxon Mobil’s three divisions will be Upstream, production solutions, and low-carbon solutions. The company is also moving its headquarter to Houston from Irving, Texas.
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