Exxon fourth-quarter profit spikes; sees $5.9 billion tax gain

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HOUSTON (Reuters) – Exxon Mobil Corp, the world’s largest publicly-traded oil producer, said on Friday its quarterly profit jumped more than four-fold on rising oil prices and cost cuts. The company posted net income of $8.4 billion, or $1.97 per share, compared to $1.7 billion, or 41 cents per share, in the year-ago quarter. The company saw a $5.9 billion non-cash benefit related to recent U.S. tax reform to revalue deferred taxes. Production fell 3 percent to 4 million barrels of oil equivalent per day. Reporting by Ernest Scheyder; Editing by Nick ZieminskiOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters