Exxon earned $5.69 billion in the fourth quarter, down from $6 billion in the same period a year ago as lower oil prices continue to pressure profits.
Excluding items including a $3.7 billion gain from the Norway divestment, profit for the quarter missed analyst estimates by 2 cents a share.
Here’s how the energy giant’s results fared relative to Wall Street expectations:
- Adjusted earnings: 41 cents per share vs. 43 cents per share expected by Refinitiv
- Revenue: $67.17 billion, versus $64.166 billion expected by Refinitiv
- Upstream income: $2.19 billion vs. $2.44 billion expected by FactSet
- Downstream income: $898M vs. $457.2M by FactSet
In the same quarter a year earlier the company reported earnings per share of $1.41 and revenue of $71.90 billion.
The stock was little changed in premarket trading.
“Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results,” Darren Woods, chairman and chief executive officer, said. “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.”
Last quarter the company reported earnings of 75 cents per share on revenue of $65.05 billion.
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.