Well-oiled

31 January 2017 By Richard Beales Follow @richardbeales1

Darren Woods’ first earnings report was solid, aside from a rare $2 bln hit on a gas field. Crude prices are even creeping up. Ex-boss Rex Tillerson, meanwhile, awaits a nod to work for President Trump. Given what’s in store, he could be forgiven nostalgia for his old job.

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Exxon Mobil on Jan. 31 posted a better-than-expected fourth-quarter profit, helped by rising crude-oil prices and lower costs.

The world's largest publicly traded energy group took a $2 billion writedown on Rocky Mountain natural gas assets, a rare move for the company.

Fourth-quarter earnings fell to $1.68 billion, or 41 cents per share, from $2.78 billion, or 67 cents per share, in the year-ago period. Excluding the $2 billion writedown, Exxon earned 90 cents per share. By that measure, analysts expected 70 cents per share, according to Thomson Reuters I/B/E/S.

Exxon's results reflected the steady improvement in the global oil and gas industry as commodity prices inch higher after a two-year rout.

The quarterly report was Exxon's first under Chief Executive Darren Woods. Rex Tillerson, the former CEO, has been nominated by U.S. President Donald Trump to be secretary of state and is awaiting confirmation.

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