ExxonMobil Posts Profits of $6 Billion in Q4

Feb. 1, 2010
Off 23% from last year

ExxonMobil said on Feb. 1 its fourth quarter profit fell 23% from a year ago to $6.05 billion.

The results brought full-year 2009 profits to $19.3 billion including special items, a sharp 57 % drop from the all-time profit record of $45.22 billion a year earlier.

"Despite continuing difficult global economic conditions, ExxonMobil delivered strong business results and built on our long-term focus," said chairman Rex Tillerson.

"Our financial strength provided us with the foundation to continue investing in new energy supplies to help meet global energy demand and to fuel economic growth. Capital and exploration spending was $27.1 billion in 2009, another record year, and in line with our longer term plan."

The results reflect in part the massive drop in global energy prices from record levels in 2008, which had pushed up the profits of ExxonMobil and others to stratospheric heights.

Crude oil, which surged to a record $147 a barrel in July 2008, plunged under $34 a barrel in February 2009 before bouncing back to the current levels above $70 a barrel.

Most of ExxonMobil's profits came from the "upstream" side, or production and exploration, which resulted in operating earnings of $5.78 billion.

The "downstream" side of refining and marketing produced an operating loss of $189 million, due to lower profit margins.

Chemical operations earned $717 million in the period.

The full-year profit was boosted by a gain of $1.6 billion from the sale of a natural gas transportation business in Germany, offset in part by special charges of $460 million related to litigation over the Valdez 1989 oil spill.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

Beat the odds. Optimize product costs. Mitigate supply chain issues.

Sept. 12, 2023
Leverage fact-based supplier negotiations. Enhance design. Get to market faster. Our comprehensive Should Cost Analysis guide shows you how.

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!