Exxon Mobil’s fourth-quarter adjusted profit managed to beat Wall Street’s expectations, as the oil and gas company increased production in Permian and Guyana.

Exxon Mobil (NYSE:XOM) +0.4% pre-market Friday after reporting Q4 adjusted earnings that were roughly flat compared with the year-earlier quarter but ahead of Wall Street estimates, driven by high-margin projects in the Permian Basin and Guyana.

Exxon Mobil on Friday beat Wall Street's estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.

Exxon said over 50% of its 2024 production came from Permian, Guyana, and LNG and expects that share to exceed 60% by 2030. Exxon returned $36 billion to shareholders in 2024, backed by $36.2 billion in free cash flow. The company led the industry with a 12.7% return on capital employed.

Production in both the US Permian shale basin and Guyana reached a record high, with Guyana volumes recovering after maintenance during last quarter. Overall production was just above 4.6 million barrels of oil equivalent per day in the fourth quarter, and 4.3 million boepd for the full year.