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Tax change helps Exxon Mobil Q4'17 earnings soar 400% to $8.4B

Exxon Mobil Corp. reported fourth-quarter 2017 earnings of $8.4 billion, up 399% from $1.7 billion in the fourth quarter of 2016.

Excluding U.S. tax reform and impairments, fourth-quarter 2017 earnings were $3.7 billion, or 88 cents per share. This is down 2% from the same quarterly period in 2016.

The company said that due to the revaluation of deferred tax income balances related to the tax reform, net favorable noncash impacts in the fourth quarter were $4.6 billion, but this was partially offset by asset impairments of $1.3 billion.

In 2017, the company's cash flow from operations and asset sales was $33.2 billion, including proceeds associated with asset sales of $3.1 billion.

For the full year 2017, production was 4.0 million barrels of oil equivalent per day, down 2% from the prior year.

The company reported dividends at 77 cents per share, which was flat to the third quarter of 2017.