Exxon Mobil Corp.’s earnings plunged 58 percent in the fourth quarter as low oil prices hurt results. The oil giant Tuesday posted earnings of $2.8 billion, or 67 cents a share, down from $6.6 billion, or $1.56 a share, a year ago.
Revenue for the quarter totaled $59.81 billion, a drop of over 31 percent from the company’s year-ago revenue of $87.28 billion.
The world’s largest publicly traded oil company still beat estimates as profits from its refining business increased. Analysts had expected the company to report 63 cents a share on $51.36 billion, according to a poll by Thomson Reuters.
“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” Rex W. Tillerson, Exxon Mobil’s chairman and CEO, said in a Tuesday statement. “The scale and diversity of our cash flows, along with our financial strength, provide us with the confidence to invest through the cycle to create long-term shareholder value.”