Today, Exxon Mobil reported a profit of $36 billion for 2023, surpassing expectations. The company benefited from favorable fuel trading business indicators and increased oil and gas production. However, Exxon also accounted for $2.5 billion in impairment charges for property in California, which it has been trying to sell for over a year. Excluding these additional expenses, the annual profit decreased by 35% to $38.57 billion.

Exxon's net profit in the fourth quarter of 2023 fell to $7.63 billion, or $1.91 per share, from $12.75 billion, or $3.09 per share, a year earlier. Excluding one-time items, adjusted profit decreased to $9.96 billion, or $2.48 per share, from $14.04 billion, or $3.40 per share, a year earlier.

Analysts had expected adjusted earnings per share of $2.20.

Total revenue decreased by 11.6% to $84.34 billion and was below the FactSet consensus forecast of $90.03 billion.

Free cash flow fell by 35% to $7.97 billion but exceeded the consensus forecast of $7.77 billion.