BUZZ-Exxon reverses course as oil prices decline

Updates

** Shares of US oil major Exxon Mobil XOM.N pare gains, now down ~1.6% to $107.84 in morning trade amid lower oil price environment

** Oil prices also lower, with Brent crude futures LCOc1 down 0.4% and U.S. West Texas Intermediate (WTI) crude CLc1 down ~1%

** Exxon beats Q4 profit estimates on higher oil and gas production

** Profit per share was $1.67, beating analysts' average estimate of $1.56, according to data compiled by LSEG

** However, FY24 earnings fell 13.2% to $33.46 billion on weaker refining margins

** "Notably, on the chemicals front, the result was the worst since 4Q19 – further highlighting the tough environment currently in the division" - RBC Capital Markets analysts

** "Continue to see the earnings drivers for XOM in the downstream remaining challenged, particularly in the Chemicals segment, while we continue to see refining margins under pressure"

** XOM up ~2% YTD