ExxonMobil’s profit down 58% in Q4 on low oil prices
The company’s weaker financial results for the quarter were attributed to lower oil and gas prices, which fell more than 40% in the September -December period. The company posted a loss of $538 million in its US oil and gas business; however the company’s profit from refineries almost doubled in the fourth quarter. ExxonMobil’s crude oil and gas production also rose 4.8% in the last quarter.
According to the International Energy Agency (IEA), growth in global oil demand is expected to slow to 1.3% this year from 1.9% in 2015. Most Bloomberg analysts report that this contraction is expected to cause ExxonMobil to post less than $13 billion in profit in 2016, which would be the company’s lowest full year result since 2002.
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