ExxonMobil profits rocked by low oil and gas prices
ExxonMobil on Tuesday posted a 58 percent drop in quarterly profit, and a 50 percent decline in 2015 earnings.
The Irving, Texas company reported earnings of $2.8 billion for the fourth quarter of 2015, with full-year profit at $16.2 billion.
Higher Downstream and Chemical earnings were offset by sharply lower commodity prices in the Upstream, ExxonMobil said.
“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” said Rex W. Tillerson, CEO of ExxonMobil.
Capital and exploration expenditures were $31.1 billion in 2015, down 19 percent from the year before, ExxonMobil said.
The company anticipates further reductions in 2016, with capital and exploration expenditures of $23.2 billion, a decrease of 25 percent from 2015.
LNG World News Staff