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Photo: Ty Wright / Bloomberg via Getty Images

Exxon Mobil reported fourth quarter earnings of 88 cents a share Friday, missing analysts estimates of $1.04 a share.

The big picture: Despite Exxon's rare earnings miss, the oil giant still posted its strongest annual earnings since 2014, per CNBC. And last week, Exxon announced that it's tripling its Permian shale production as part of a plan to invest $50 billion in the U.S..

By the numbers:

  • Q4 net income: $8.4 billion (or $1.97 per share), compared to $1.7 billion (41 cents per share) in the year-ago quarter.
  • Exxon also saw a $5.9-billion non-cash benefit thanks to the new tax package, which revalues deferred taxes. "Without the tax reform accounting changes, Exxon would have lost money in the United States," reports Reuters.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.