Declining Oil Prices Brings Down Profits of Exxon Mobil Corp.
Feeling the pinch of the falling oil prices, Exxon Mobil Corp. reported a twenty one percent drop in its fourth-quarter profits.
On Monday, Exxon Mobil Corp. reported that its earnings dropped 21 percent in Q4 due to the drop in the prices of crude oil worldwide. However the results could still manage to surpass the forecast of the analysts doe to lower taxes and a favourable ruling on an issue of dispute with Venezuela along with sturdy performance that came from the company's chemical arm.
The Texas-based company said, it earned $6.57 billion in the quarter that ended in December on revenue of $87.28 billion. That is a drop from $8.35 billion which it earned on revenue of $110.86 billion the previous year during the same quarter.
The price of oil has dropped sharply all throughout the quarter and as a result the revenue as well as profits of Exxon also fell. The lower prices of crude oil meant that the company could get raw materials for its refining and chemical operations at a lesser price which helped to boost the earnings from its chemical division by 35 percent. However, the higher maintenance costs brought down the profits from refining operations to a lower level.
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