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Wednesday June 3rd, 2020 9:27AM

Exxon ramps up production, tops 4Q profit expectations

By The Associated Press
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IRVING, Texas (AP) — Exxon Mobil is easily beating profit expectations for the fourth quarter in which it ramped up production.

The Irving, Texas, company posted net income of net income of $6 billion, or $1.41 per share. Earnings, adjusted for one-time gains and costs, came to $1.51 per share, which is 43 cents better than industry analysts had projected, according to a survey by acks Investment Research.

Exxon does not adjust its reported results based on one-time events such as asset sales.

Revenue was $71.9 billion, which fell short of Wall Street expectations $74.18 billion.

Still, shares of Exxon Mobil Corp. jumped 4 percent before the opening bell Friday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XOM at https://www.zacks.com/ap/XOM

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