Exxon Mobil Corp (NYSE:XOM) is trading higher Tuesday after the company announced better-than-expected fourth-quarter financial results and initiated a buyback.
Exxon Mobil reported quarterly revenue of $84.97 billion. The company reported quarterly earnings of $2.08 per share, which beat the $1.89 estimate. Exxon Mobil said it was able to strengthen its balance sheet to pre-pandemic levels by paying down $20 billion in debt.
"Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realize the full benefits of the market recovery in 2021," said Darren Woods, chairman and CEO of Exxon Mobil.
"Our new streamlined business structure is another example of the actions we are taking to further strengthen our competitive advantages and grow shareholder value."
Exxon Mobil said it now expects to achieve 2025 emission-reduction plans four years ahead of schedule. The company also initiated share repurchases associated with the previously announced buyback program of up to $10 billion over the next 12 to 24 months.
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XOM Price Action: Exxon Mobil has traded as low as $44.29 over a 52-week period. It's making new 52-week highs Tuesday.
The stock was up 6.35% at $80.78 at time of publication.
