Exxon Mobil Misses On Fourth-quarter Earnings

By Caitlin Huston Markets MarketWatch Pulse

Shares of Exxon Mobil were down less than 1% in premarket trade Tuesday after the company missed fourth-quarter earnings expectations. The company reported net income of $1.68 billion, or 41 cents per share, down from $2.8 billion, or 67 cents per share in the year-earlier period. The FactSet consensus was for earnings per share of 70 cents. Exxon Mobil reported revenue of $61.1 billion, up from $59.8 billion in the year-earlier period, but below the FactSet consensus of $61.4 billion. The company recorded an upstream asset impairment charge of $2 billion, related to dry gas operations in the Rocky Mountain region, which the company said impacted fourth-quarter and full year earnings, as well as a downturn in commodity prices. Shares of Exxon have fallen 6% in the past month, compared to the S&P 500's gain of 2%.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.