Exxon Mobil Corporation at the weekend announced fourth quarter 2017 earnings of $8.4 billion and an estimated 2017 earnings of $19.7 billion, compared with $7.8 billion earned in 2016, just as Chevron reported fourth quarter earnings of $3.1 billion and annual earnings of $9.2 billion.

According to ExxonMobil’s results, the US federal tax reform in the fourth quarter resulted in a non-cash earnings gain of $5.9 billion, due to revaluation of deferred income tax balances.

Non-cash asset impairments of $1.5 billion were recorded during the year, mainly relating to assets in the Upstream.

“The impact of tax reform on our earnings reflects the magnitude of our historic investment in the U.S. and strengthens our commitment to further grow our business here,” said chairman and chief executive officer, Darren W. Woods.

“We’re planning to invest over $50 billion in the U.S. over the next five years to increase production of profitable volumes and enhance our integrated portfolio, which is supported by the improved business climate created by tax reform,” he added.

Fourth quarter upstream earnings were $8.4 billion, including $7.1 billion from US tax reform and asset impairments of $1.3 billion.

Fourth quarter earnings excluding US tax reform and impairments increased $1 billion, to $2.5 billion, driven by higher prices as liquids realisations increased more than $10 per barrel.

Upstream earnings were $8.4 billion in the fourth quarter of 2017, up $9 billion from the fourth quarter of 2016.

Higher liquids and gas realisations increased earnings by $1.2 billion. Lower volume and mix effects decreased earnings by $110 million. All other items increased earnings by $7.9 billion driven by U.S. tax reform impacts of $7.1 billion, lower asset impairments of $847 million, and gains from asset management activity.

In a related development, Chevron Corporation reported earnings of $3.1 billion for fourth quarter 2017, compared with $415 million in the 2016 fourth quarter.

Included in the quarter were non-cash provisional tax benefits of $2.02 billion related to US tax reform and a non-cash charge of $190 million related to a former mining asset.

Foreign currency effects decreased earnings in the 2017 fourth quarter by $96 million.

Full-year 2017 earnings were $9.2 billion compared with a loss of $497 million in 2016. Included in 2017 were non-cash provisional tax benefits of $2.02 billion related to US tax reform, gains on asset sales of $1.44 billion, and impairments and other non-cash charges of $840 million. Foreign currency effects decreased earnings in 2017 by $446 million.

http://investorsking.com/exxonmobil-chevron-earned-19-7bn-9-2bn-2017/

Wow...

See earnings, if only the life of Nigerians in that region can be better....

1% of that earning will go a long way in those people.

If so please multiply our scholarship

How does that affect the price of fishes in China??

how much did they earn from their operation in nigeria? this news isnt relevant

If the producers earns this much, Buhari please where is our earnings?

criminals ... one day we will chase dem criminals outta we town for good

hopilo:
If the producers earns this much, Buhari please where is our earnings?

They are not the producers, they are the extractors. Crude oil is a deposit, not produced.

Jesu! see money oooo

fulaniHERDSman:
criminals ... one day we will chase dem criminals outta we town for good

You really are a herdsman. Do you have what it takes to do their job

penzino:
Wow...

See earnings, if only the life of Nigerians in that region can be better....

1% of that earning will go a long way in those people.

In what region?

Did you read the report do you understand it?

Those are the earnings for the entire world

lafuria1:
how much did they earn from their operation in nigeria? this news isnt relevant

Not relevant to whom?

You can only speak for yourself and your family and village

global revenue not in Nigeria.

omonnakoda:
Not relevant to whom?

You can only speak for yourself and your family and village

Tell me how the information above is relevant to you?
How much did ExxonMobil make from Nigeria?

lafuria1:


Tell me how the information above is relevant to you?
How much did ExxonMobil make from Nigeria?

You speak at your level.Do you imagine everyone Nairaland is your coeval or social equal.
That we all meet here to talk does not mean everyone is your peer. What makes you think everyone here lives or operates in the Nigerian orbit.
Is everything on this website exclusively about Nigeria?
If you don't have anything meaningful to say why not stay silent

This thread is TO WHOM IT MAY CONCERN.

clearly it is not relevant to you like I am sure dozens of other threads on Nairaland .So why not just ignore it

omonnakoda:
In what region?

Did you read the report do you understand it?

Those are the earnings for the entire world

Oga ITK, which region those companies dey for Nigeria? Biko shift one side

penzino:


Oga ITK, which region those companies dey for Nigeria? Biko shift one side

Is the report about Mobil Nigeria or Chevron Nigeria?
Why not educate and inform yourself before talking nonsense.
Did you even read the report?

Did the word "NIGERIA" appear in the report?

Which country was mentioned in the report

My kind of annual income few years from now...