TREASURIES-U.S. bond prices rise after bleak 2013

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Shares of Exxon Mobil XOM jumped after the oil and gas giant reported fourth-quarter 2018 earnings that easily topped Wall Streets expectations and reported a jump in fossil fuel production. The stock price for the worlds largest publicly traded oil and gas company was up 2.5 percent at $75.14 in premarket trading. Exxon earned a quarterly profit of $6 billion including the impacts of U.S. tax changes, down 28 percent from a year ago. That pencils out to earnings per share of $1.41, beating Refinitiv forecasts for $1.08 per share. Excluding tax impacts, the company earned $6.41 billion for the quarter, marking a 72 percent increase from the same period a year ago. Revenue came in at $71.89 billion, well below expectations for $77.28 billion from Refinitiv. Exxon grew its total production of oil, natural gas and other hydrocarbons slightly, hitting 4 million barrels of oil equivalent in the quarter. Oil production increased 4 percent, driven by growth from the Permian Basin, the top U.S. shale field underlying western Texas and southeastern New Mexico. Natural gas production was down as Exxon shifts away from producing the fossil fuel in the U.S. The upstream business, which explores for and produces oil and gas, swung from a loss of $60 million a year ago to a profit of $549 million last quarter, excluding tax impacts. Analysts were closely watching Exxons headline oil and natural gas output. The Irving, Texas-based company has regularly reported lower hydrocarbon production over the last two years. On Thursday, the oil major announced it will restructure its upstream business, consolidating operations across three companies in order to achieve its goal of doubling operating cash flow and earnings by 2025. Profits in Exxons downstream business refining and selling fuels more than tripled to $999 million, also excluding tax impacts. Exxons downstream business refining and selling fuels have also been on Streets radar. Heavy maintenance at refineries has weighed on profits in the segment. Exxon has warned of further downtime as it retools facilities to process low-sulfur fuels ahead of tighter emissions standards in the maritime shipping industry. On Tuesday, Exxon announced a final decision to expand its Beaumont, Texas, refinery to process a surge of production from shale fields in the Permian Basin. The build-out will make the Beaumont facility the second largest in the United States after Saudi Aramcos Motiva refinery in Port Arthur, Texas. More From CNBC Oil trades roughly flat as trade talk hopes offset weak China data Oil falls, but US crude still headed for big January jump Energy just had its best month in years, and one stock could rally even harder View comments
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