A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Photo/File Photofourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said.
The higher earnings outlooks lifted Exxon shares 3.8% on Monday to $63.51 on top of Friday's less than 1% gain. The stock rose 48% last year but remains below where it traded two years ago.In 2020, the largest U.S. oil producer suffered a historic $22.4 billion loss from falling oil prices and lower refining margins. Cost cuts and energy price hikes allowed it to pay down debt and plot a share buyback program this year.
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