Exxon Mobil Profit Tops Estimates
Exxon Mobil Inc. said it earned $6.6 billion, or $1.56 a share, in the fourth quarter, down from $$8.35 billion, or $1.91 a share, in the year-earlier period, weighed down by the sharp decline in oil prices. Revenue fell to $87.28 billion from $110.86 billion. The FactSet consensus was for EPS of $1.36 and revenue of $87.43 billion. "Lower commodity prices in the upstream and higher planned maintenance costs in the downstream were partially offset by improved chemical margins," the company said in a statement. Upstream earnings came to $5.5 billion, down $1.3 billion from a year ago, while downstream earnings totaled $497 million, down $419 million from a year ago. Shares initially climbed more than 1% in premarket trade, before edging back slightly. The shares have fallen 9.6% in the last three months, while the Dow Jones Industrial Average has fallen 1.3%.
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