US-based energy giant ExxonMobil on Friday reported a surge in fourth-quarter profit due to a favorable impact from the recent U.S. tax reform as well as higher oil and gas prices.
Net income spiked to $8.38 billion or $1.97 per share, up sharply from $1.68 billion or $0.41 per share in the same quarter a year ago.
The results include a $5.9 billion non-cash benefit related to recent U.S. tax reform to revalue deferred taxes.
Oil-equivalent production was 4 million barrels per day, down 3 percent from the prior year.
“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 here,” said Darren W. Woods, chairman and chief executive officer.
“We’re 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 added.