BAKU, Azerbaijan, February 2. ExxonMobil's earnings in 4Q2023 amounted to $7.6 billion, showing a decrease from the third quarter's $9.1 billion, Trend reports.
According to the company, the decline may be attributed to identified items, which lowered earnings by $2.3 billion, primarily due to asset impairments.
"Fourth-quarter results included unfavorable identified items of $2.3 billion including a $2 billion impairment as a result of regulatory obstacles in California that have prevented production and distribution assets from coming back online," the company said.
However, this was partially mitigated by favorable tax and divestment-related items. Excluding these identified items, earnings reached $10 billion, reflecting an increase of $0.8 billion from the third quarter, ExxonMobil noted.
Furthermore, according to the energy giant, this improved performance is attributed to favorable impacts from derivative mark-to-market, enhanced volume and mix driven by advantageous Guyana and Permian assets, and stronger chemical margins. Nevertheless, these positive factors were partially offset by lower refining margins in the industry and seasonally higher expenses.