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. Its adjusted profit was $7.39 billion or $1.

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.

ExxonMobil reported fourth-quarter earnings that beat analyst expectations, driven by record production in the Permian Basin and Guyana, despite lower refining margins.

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.

The results topped Wall Street expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts polled by Zacks Investment Research anticipated earnings of $1.