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.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 32,471,119 — Total deaths: 987,593 — Total recoveries: 22,374,557Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 7,032,524 — Total deaths: 203,657 — Total recoveries: 2,727,335 — Total tests: 99,483,712Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Mike Allen, author of AM
5 hours ago - Politics & Policy

Biden pushes unity message in new TV wave

A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.

What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:

Trump prepares to announce Amy Coney Barrett as Supreme Court replacement

Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters

President Trump is preparing to nominate federal appeals court Judge Amy Coney Barrett of Indiana, a favorite of both the social conservative base and Republican elected officials, to succeed Justice Ruth Bader Ginsburg, Republican sources tell Axios.

Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.