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Exxon fourth quarter earnings plunge 58%

Published 02/02/2016, 09:36 AM
Updated 02/02/2016, 09:36 AM

Investing.com - Exxon Mobil (N:XOM) reported a 58% drop in fourth quarter earnings on Tuesday and said it would cut spending this year by one quarter amid a prolonged downturn in oil prices.

The world's largest publicly traded oil company reported that fourth-quarter profit slid to $2.78 billion, or 67 cents per share, from $6.57 billion, or $1.56 per share, in the same period a year earlier. Analysts on average had expected per-share profits of 63 cents.

Exxon said it sees capital spending at around $23.2 billion this year, a decrease of 25% from 2015.

Crude oil prices have dropped about 70% from the 2014 high over $100 barrel.

Current prices at around $30 barrel have triggered a wave of spending cuts as oil companies slash investment in new wells and projects to conserve cash.

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