Exxon's (XOM) total oil and gas production increased slightly during the fourth quarter, the company said on Friday. That marks a milestone of sorts for mighty Exxon. Output had declined four straight quarters and nine of the previous 10.
Texas-based Exxon was late to the shale revolution that occurred in its own backyard. But it's spent heavily in recent years to catch up.
Exxon said US oil production jumped 11% last quarter. That growth was driven by a 90% surge in output from the Permian Basin, the booming West Texas shale play.
Exxon also halted a recent string of profit misses. The company's per-share earnings of $1.41 blew away the Street's estimate.
Net income fell 28% last quarter due to the impact of tax reform and asset writedowns. Excluding those items, net income nearly doubled to $6.4 billion.
"Strong results during a period of commodity price volatility demonstrates ExxonMobil's ability to deliver superior cash flow in different market environments," Exxon CEO Darren Woods said in a statement.
Exxon shares climbed 2% in premarket trading.
In a shift for Exxon, Woods will field questions from analysts during a conference call later on Friday. In the past, Woods and his predecessor Rex Tillerson sat out these conference calls.
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