Shares of Exxon plunged about $5 a share, or nearly 6 percent, to below $84.
The Irving, Texas-based company reported fourth-quarter earnings of 88 cents a share, excluding the impacts of U.S. tax reform and impairments. Analysts had expected earnings of $1.04 a share.
“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,” Chairman and CEO Darren Woods said in a statement.
“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.”
The company saw corporate and financing expenses rise by $3 billion, mostly due to “unfavorable impacts” of $2.1 billion from U.S. tax reform.
Exxon’s revenues came in at $66.52 billion, also missing estimates for $74.31 billion in sales.
For the full year, Exxon reported profits of $19.71 billion, its highest annual earnings since the start of an oil price slide in 2014, when it earned $32.52 billion.
