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Exxon Mobil’s net profit plunges in Q4

by ChemOrbis Editorial Team -
  • 03/02/2015 (12:06)
Exxon Mobil announced its financial results for the last quarter of 2014 in a press release on its own website. The company’s quarterly profit plunged 21% year over year to $6.57 billion in the last quarter of 2014 compared with $8.35 billion in the same period of the previous year. The company cited sharp decreases in global crude oil prices as well as lower commodity prices as the main reasons behind their weaker financial results.

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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