Exxon Mobil (NYSE:XOM) earned $5.69 billion in the fourth quarter, down from $6 billion in the same period as weakness in the company’s chemicals division and consistently lower oil prices continue to pressure profits.
The company’s quarter was boosted by one-time events, including a $3.7-billion gain from Exxon’s Norway divestment. Excluding these items, profit for the quarter missed analyst estimates by two cents per share.
Adjusted earnings rang in at 41 cents per share, compared to 43 cents per share expected. Revenue came in at $67.17 billion, versus $64.166 billion.
Oil-equivalent production was four million barrels per day, which was in-line with the same quarter a year earlier. Production in the oil-rich Permian spiked 54% year-over-year, and during the fourth quarter production began in the company’s offshore Guyana operations.
The company said that capital and exploration expenditures grew 8% year-over-year to $8.46 billion.
"Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results," said CEO Darren W. Woods.
"Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimizing the value of our investment portfolio."
On Thursday, shares of Exxon sank to their lowest level since Oct. 2010 as declining oil prices have continued to hit the company’s operations.
On Friday, XOM shares faded $1.94, or 2.9%, to $62.83
