By Allison Prang

Exxon Mobil Corp. posted its fourth consecutive quarterly loss, bringing its total loss for the fiscal year to more than $22 billion.

Exxon reported a fourth-quarter loss of $20.07 billion, or $4.70 a share, compared with a profit of $5.69 billion, or $1.33 a share, a year earlier. Adjusted profit was 3 cents a share, which exceeded Wall Street's consensus estimate of 1 cent a share, according to FactSet.

The company's results included more than $19 billion in impairments for the fourth quarter.

"The past year presented the most challenging market conditions ExxonMobil has ever experienced," Chief Executive and Chairman Darren Woods said in prepared remarks.

Shares of Exxon rose 2.3% in premarket trading.

Rival Chevron Corp. last week reported its third quarterly loss in a row.

The Wall Street Journal reported over the weekend that Exxon and Chevron discussed a potential merger last year.

Exxon said Tuesday that fourth-quarter oil-equivalent production was 3.7 million barrels a day.

Revenue and other income at Exxon fell 31% to $46.54 billion, nearly in line with Wall Street's consensus estimate of $46.55 billion.

Exxon said Monday it is creating a division to focus on technologies to cut carbon emissions. The new business will be called "low carbon solutions."

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

02-02-21 0826ET