Exxon Mobil’s net profit plunges in Q4
However, the company’s weaker financial results were reportedly somewhat offset by improved chemical margins and a favorable arbitration ruling regarding previously expropriated assets in Venezuela with a transaction value of $1 billion. The company’s chemical earnings reached $1.2 billion when compared to the fourth quarter of 2013.
Meanwhile, the company stated that they would reduce their share buybacks in the first quarter to $1 billion from $3 billion. In the fourth quarter, Exxon spent $3 billion on share repurchases. The company is also expected to cut costs.
For the full year of 2014, the company’s earnings reached $32.5 billion compared with $32.6 billion in 2013.
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