Tallahassee Journal

ExxonMobil earnings fall but beat estimates

ExxonMobil earnings fall but beat estimates

Exxon Mobil reported a 21% drop in fourth-quarter earnings Monday amid tumbling oil prices, easily beating analysts’ estimates. Its stock is up more than 0.5% premarket. The energy giant earned $6.6 billion, or $1.56 per share, down from $8.3 billion, $1.91 per share a year ago. Analysts expected $1.34 a share.ExxonMobil_SunPhoto_retouch_cropped_959_487_90_c1

Revenue also fell 21% to $82.3 billion. For all of 2014 the company earned $32.5 billion, versus $32.6 billion a year ago. Revenue fell 26% to $411.9 billion. The company’s profits have held up relatively well despite oil and gasoline prices that have plunged more than 50% since summer.

“Exxon Mobil’s results illustrate the value our proven business model that integrates upstream, downstream and chemical businesses,” said CEO Rex Tillerson..

Earnings for both the companys production and oil refining businesses fell sharply. But profits for its chemical business jumped by $317 million to $1.2 billion as falling natural gas prices reduced feedstock costs. Capital and exploration spending in the quarter rose 5% to $10.5 billion.