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Exxon to Accelerate Buybacks After Biggest Profit Since 2014

  • Company to accelerate pace of $10 billion share buyback
  • Permian Basin production expected to grow 25% this year
Exxon’s Chief Executive Officer Darren Woods

Exxon’s Chief Executive Officer Darren Woods

Photographer: Andrew Harrer/Bloomberg
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Exxon Mobil Corp. will accelerate the pace of a $10 billion share buyback after posting the biggest profit in almost eight years amid a broad rally in energy prices. 

Net income adjusted for one-time items was $2.05 a share, 12 cents above the average of analyst estimates compiled by Bloomberg. Exxon paid down $9 billion in debt during the fourth quarter, reducing outstanding obligations to pre-pandemic levels. The shares rose 6.4% to $80.83 at the close in New York, the highest since April 2019.