ExxonMobil profits fall as oil and gas output dips

2014-01-30 09:00:21

(MENAFN- AFP) US oil giant ExxonMobil Thursday reported a drop in quarterly earnings due to lower oil and gas production and much weaker results in refining, especially outside the US. ExxonMobil, the biggest US oil company, said fourth-quarter earnings came in at $8.4 billion on revenues of $110.9 billion, down 16.1 percent from the year-ago level of $10 billion on $114.7 billion.The results translated into per-share earnings of $1.91, a penny shy of analyst expectations. Results were hit by a 1.8 percent decline in oil and gas production, underscoring anew the oil giant's difficulty in maintaining or boosting output amid declines in older fields.Refining earnings fell sharply, with profits outside the US tumbling to $319 million from $1.1 billion."ExxonMobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value," said chief executive Rex Tillerson.

"Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses."For the year, ExxonMobil reported net income of $32.6 billion on revenues of $438.3 billion, down 27.4 percent from 2012 profits of $44.9 billion on revenues of $480.7 billion.Shares were 1.2 percent lower at $94 in pre-market trade.

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