ExxonMobil (IW 500/1) Friday reported higher fourth-quarter profits on better results in its refining and chemical divisions, which offset a drop in its exploration and production results.
ExxonMobil said net income for the fourth quarter came in at a $9.95 billion, up 6% from the year-earlier period of $9.4 billion.
The results overcame a 5% decline in ExxonMobil's oil-equivalent production compared with the year-earlier period.
ExxonMobil said overall profits in the exploration and production division, normally the cash cow of oil majors, fell 12% to $7.8 billion compared with a year earlier.
Profits from its refining and marketing division came in at $1.8 billion, more than four times the previous year's level. Chemical sector earnings of $958 billion were up 76.4%.
Per-share profits came in at $2.20, compared with analyst forecasts of $2. Total revenues came in at $115.2 billion, roughly matching forecasts.
Copyright Agence France-Presse, 2013