ExxonMobil’s profit down 58% in Q4 on low oil prices
by ChemOrbis Editorial Team - content@chemorbis.com
Exxon Mobil announced its financial results for the final quarter of last year in a statement on its website. The company’s net profit in the fourth quarter declined around 58% on the year to $2.78 billion, or 67 cents per share, from $6.57 billion in the same period of 2014. However, the company’s Q4 net profit beat Bloomberg analysts’ projections calling for an average of 63 cents per share.
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.
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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