Exxon profit slips in the fourth quarter on weak margins

Exxon Mobil's profit slid more than 5 per cent in the fourth quarter of 2019, as the oil giant dealt with weak margins in its chemical and retail fuel operations.

The country's largest oil producer posted USD 5.69 billion in profits, or USD 1.33 per share, for the quarter.

But those profits were boosted by a one-time sale of non-strategic assets in Norway, which lifted earnings by 92 cents per share.

Removing the asset sale, per-share profit was 41 cents, shy of the 44 cents analysts polled by Zacks Investment Research were looking for.

A year earlier the Irving, Texas, company earned USD 6 billion, or USD 1.41 per share.

Revenue reached $67.17 billion, which was down from USD 71.9 billion a year earlier.

"Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results," said Darren Woods, chairman and CEO of Exxon, in a statement.

"Growth in demand for the products that underpin our businesses remains strong. We remain focused on improving our base businesses, driving efficiencies, and optimising the value of our investment portfolio."