Source: Dreamstime
Reading time: 2 minutes
A big reason why Exxon managed to secure a solid financial foothold this quarter is the significant spike in crude oil, which has reached levels not seen in over seven years.
The multinational oil and gas corporation reported year-over-year revenue growth of over 80%, which has allowed it to kickstart its share buyback program as early as in the first quarter of 2022.
Financial performance for Q4 2021
“We’ve made great progress in 2021 and our forward plans position us to lead in cash flow and earnings growth, operating performance, and the energy transition.”
Darren Woods, Chairman and CEO
Here’s how Exxon Mobil did for the period:
– Total revenue: $84.97 billion versus $91.85 billion expected
– Earnings per share: $2.05 per share versus $1.93 expected
– Cash flow: $48 billion – the highest since 2012
– Reduced spending: the company cut its structural costs by an additional $1.9 billion, which boosted its total savings to nearly $5 billion
– Gross debt: Exxon paid off $9 billion in debt, lowering it back to pre-pandemic levels
– In-house restructuring: the company will restructure its business into three divisions: upstream, production solutions and low-carbon solutions. Exxon expects this to have a positive impact on its total business effectiveness and to result in reduced costs
– Capital and exploration expenditures: 5.808 billion in 2021 versus 4.771 billion in 2020
– Successful business sale: in December, the company completed the sale of its global Santoprene™ business to Celanese (a global chemical and specialty materials company) for a total of $1.15 billion
– New horizons: during the quarter, Exxon acquired a 49.9% stake in BioJet AS – a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions advanced biofuels
Financial outlook for 2022
“Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realise the full benefits of the market recovery in 2021. Our new streamlined business structure is another example of the actions we are taking to further strengthen our competitive advantages and grow shareholder value.”
Darren Woods
The company said it will begin buying back stock during the first quarter of 2022 as part of a previously announced plan to repurchase up to $10 billion over the next 12 to 24 months. It also expects to achieve its 2025 emission-reduction plans four years ahead of schedule. Throughout fiscal 2021, Exxon Mobil has spent $16.6 billion, while in 2022 it expects to spend anywhere between $21 billion and $24 billion.
Upcoming reports
See the full list of upcoming earnings reports for 31st January – 4th February in the tables below.
Monday, 31st January 2022
| Country | Company | Fiscal period |
|---|---|---|
| Kingdom of the Netherlands | NXP Semiconductors NV | Q4 2021 |
| China | Alibaba Group Holding Ltd | Q3 2022 |
| India | Tata Motors Ltd | Q3 2022 |
| USA | Amgen Inc | Q4 2021 |
| Kingdom of the Netherlands | Koninklijke KPN NV | Q4 2021 |
Tuesday, 1st February 2022
| Country | Company | Fiscal period |
|---|---|---|
| Switzerland | Chubb Ltd | Q4 2021 |
| USA | Electronic Arts Inc | Q3 2022 |
| USA | Gilead Sciences Inc | Q4 2021 |
| USA | O-I Glass Inc | Q4 2021 |
| USA | Alphabet Inc | Q4 2021 |
| USA | Advanced Micro Devices Inc | Q4 2021 |
| USA | Franklin Resources Inc | Q1 2022 |
| USA | Sirius XM Holdings Inc | Q4 2021 |
| USA | Entegris Inc | Q4 2021 |
| USA | Broadridge Financial Solutions Inc | Q2 2022 |
| USA | Exxon Mobil Corp | Q4 2021 |
| United Kingdom | CNH Industrial NV | Q4 2021 |
| USA | Lannett Company Inc | Q2 2022 |
| USA | Starbucks Corp | Q1 2022 |
Wednesday, 2nd February 2022
| Country | Company | Fiscal period |
|---|---|---|
| USA | Cognizant Technology Solutions Corp | Q4 2021 |
| USA | Mckesson Corp | Q3 2022 |
| USA | Hillenbrand Inc | Q1 2022 |
| USA | Meta Platforms Inc | Q4 2021 |
| USA | Qualcomm Inc | Q1 2022 |
| USA | Aflac Inc | Q4 2021 |
| USA | Allstate Corp | Q4 2021 |
| Luxembourg | Spotify Technology SA | Q4 2021 |
| USA | Boston Scientific Corp | Q4 2021 |
| USA | D R Horton Inc | Q1 2022 |
| USA | CH Robinson Worldwide Inc | Q4 2021 |
| USA | Waste Management Inc | Q4 2021 |
| Ireland | Johnson Controls International PLC | Q1 2022 |
| USA | Emerson Electric Co | Q1 2022 |
| USA | Wynn Resorts Ltd | Q4 2021 |
| USA | Motorola Solutions Inc | Q4 2021 |
| Italy | Ferrari NV | Q4 2021 |
| Taiwan | Himax Technologies Inc | Q4 2021 |
| Spain | Naturgy Energy Group SA | Q4 2021 |
| Spain | Banco Santander SA | Q4 2021 |
| Austria | Raiffeisen Bank International AG | Preliminary report for 2021 |
| Norway | Telenor ASA | Q4 2021 |
| USA | PayPal Holdings Inc | Q4 2021 |
Thursday, 3rd February 2022
| Country | Company | Fiscal period |
|---|---|---|
| USA | Ford Motor Co | Q4 2021 |
| USA | Nov Inc | Q4 2021 |
| USA | Unity Software Inc | Q4 2021 |
| USA | Pinterest Inc | Q4 2021 |
| USA | News Corp | Q2 2022 |
| USA | Activision Blizzard Inc | Q4 2021 |
| USA | Amazon.com Inc | Q4 2021 |
| USA | GoPro Inc | Q4 2021 |
| USA | Microchip Technology Inc | Q3 2022 |
| USA | Snap Inc | Q4 2021 |
| USA | Hartford Financial Services Group Inc | Q4 2021 |
| Israel | Check Point Software Technologies Ltd | Q4 2021 |
| USA | Merck & Co Inc | Q4 2021 |
| USA | HanesBrands Inc | Q4 2021 |
| Ireland | Aptiv PLC | Q4 2021 |
| USA | Intercontinental Exchange Inc | Q4 2021 |
| USA | Illinois Tool Works Inc | Q4 2021 |
| USA | Cardinal Health Inc | Q2 2022 |
| USA | Honeywell International Inc | Q4 2021 |
| USA | Cummins Inc | Q4 2021 |
| USA | Eli Lilly and Co | Q4 2021 |
| USA | ABIOMED Inc | Q3 2022 |
| USA | Biogen Inc | Q4 2021 |
| USA | Cigna Corp | Q4 2021 |
| Italy | Intesa Sanpaolo SpA | Full Year 2021 |
| Italy | Enel SpA | Preliminary report for 2021 |
| Norway | Nordic Semiconductor ASA | Q4 2021 |
| Germany | Infineon Technologies AG | Q1 2022 |
| France | Publicis Groupe SA | Full Year 2021 |
| Spain | Banco Bilbao Vizcaya Argentaria SA | Q4 2021 |
| Sweden | AB Skf | Q4 2021 |
| Sweden | Husqvarna AB | Q4 2021 |
| United Kingdom | Shell PLC | Q4 2021 |
| Kingdom of the Netherlands | ING Groep NV | Q4 2021 |
| Austria | OMV AG | Q4 2021 |
| Finland | Nokia Oyj | Q4 2021 |
| Finland | Nordea Bank Abp | Q4 2021 |
Friday, 4th February 2022
| Country | Company | Fiscal period |
|---|---|---|
| USA | Bristol-Myers Squibb Co | Q4 2021 |
| USA | Regeneron Pharmaceuticals Inc | Q4 2021 |
| France | Vinci SA | Full Year 2021 |
| France | Sanofi SA | Q4 2021 |
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