Exxonmobil, Chevron Earned U.S.$19.7bn, U.S.$9.2bn in 2017


Enterprise Television- Exxonmobil, Chevron Earned U.S.$19.7bn, U.S.$9.2bn in 2017

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.

The Chairman and Chief Executive Officer Darren W. Woods said the company is 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 noted that 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.

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.