ExxonMobil Profits Fall

ExxonMobil Profits Fall

Results were hit by a 1.8% decline in oil and gas production, underscoring anew the oil giant's difficulty in maintaining or boosting output amid declines in older fields.

NEW YORK -- ExxonMobil (IW 500/1) Thursday reported a drop in quarterly earnings due to lower oil and gas production and much weaker results in refining, especially outside the U.S.

ExxonMobil, the biggest U.S. oil company, said fourth-quarter earnings came in at $8.4 billion on revenues of $110.9 billion, down 16.1% from the year-ago level of $10 billion on $114.7 billion.

The results translated into per-share earnings of $1.91, a penny shy of analyst expectations.

Results were hit by a 1.8% decline in oil and gas production, underscoring anew the oil giant's difficulty in maintaining or boosting output amid declines in older fields.

Refining earnings fell sharply, with profits outside the U.S. tumbling to $319 million from $1.1 billion.

"ExxonMobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value," said chief executive Rex Tillerson.

"Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses."

For the year, ExxonMobil reported net income of $32.6 billion on revenues of $438.3 billion, down 27.4% from 2012 profits of $44.9 billion on revenues of $480.7 billion.

Copyright Agence France-Presse, 2014

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