2 Feb 2010

Drop in profits at Exxon Mobil

5:56 pm on 2 February 2010

Exxon Mobil has reported a 23% drop in profits. The giant US oil company made a net profit of $US6.05 billion in the fourth quarter of 2009, compared with $US7.82 billion in the same period in 2008.

Weak demand for fuel in the global economic slowdown hurt the company's refining business, the BBC reports.

For all whole 2009, Exxon made a profit of Stg 19.28 billion, less than half of what it made in 2008.

Shares in Exxon Mobil rose 1.9% to $US65.67 when trading began in New York on Monday.

Last week, Chevron reported a 37% drop in quarterly profit. BP and Royal Dutch Shell also have figures out later this week.

Exxon said exploration and capital spending rose by 4% in 2009 to $US27.1 billion.

Oil and gas production increased nearly 2% in the fourth quarter. Revenues rose 6% to $US89.84 billion.