Strong performance from ExxonMobil's energy trading business helped drive the major's fourth quarter to another massive profit, Chief Executive Darren Woods said Friday, adding he expects trading to continue to contribute to the company's bottom line in the future.

In a conference call with analysts, Woods said ExxonMobil's global footprint and integration gave the major the presence across markets around the world to trade effectively and optimize its assets.

"We see a continued opportunity to grow that," said Woods. "My expectation is that you will see improved trading results embedded in our business."

Woods added that its trading operation should be working with, instead of competing with, the major's core businesses.

Kathy Mikells, ExxonMobil's chief financial officer, said 2023 trading profits were down year to year, citing record earnings and trading performance in 2022 and an accounting timing issue in recognizing a gain in its upstream business.

According to the company's website, ExxonMobil trades oil, natural gas and energy products, among others. The major said its trading team leverages its expertise in analytics, logistics, origination and knowledge of energy markets to maximize the value of its global assets.

Earlier Friday, ExxonMobil said 2023 fourth-quarter profit was $7.63 billion, down from $12.75 billion in Q4 2022.


This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.


--Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com


(END) Dow Jones Newswires

02-02-24 1146ET