ExxonMobil reports 58 per cent drop in 4Q profits to USD 2.8bn

ExxonMobil reported a 58 per cent drop in fourth-quarter earnings as plunging oil prices dented results in the US oil giant's exploration and production business.

Earnings for the quarter came in at USD 2.8 billion as revenues fell 31.5 per cent to USD 59.8 billion. Lower capital spending enabled ExxonMobil to remain profitable during a quarter in which both BP and Chevron reported losses.