ExxonMobil's fourth quarter results were boosted by the strong performance of its energy trading business, according to Chief Executive Darren Woods. In a conference call with analysts, Woods highlighted the major's global footprint and integration as key factors in their success.
ExxonMobil's ability to effectively trade and optimize its assets across global markets has positioned the company for continued growth. Woods expressed optimism for improved trading results going forward, emphasizing the importance of collaboration between the trading operation and the major's core businesses.
Kathy Mikells, ExxonMobil's chief financial officer, acknowledged a year-over-year decline in trading profits for 2023. This was attributed to exceptional earnings and trading performance in 2022, as well as an accounting timing issue in recognizing gains in the upstream business.
ExxonMobil engages in trading various commodities, including oil, natural gas, and energy products. The company's trading team leverages expertise in analytics, logistics, origination, and energy market knowledge to maximize the value of their global assets.
ExxonMobil reported a fourth-quarter profit of $7.63 billion for 2023, down from $12.75 billion in Q4 2022.
Reporting by Frank Tang, Editing by Michael Kelly