Investing.com - The world’s largest oil and gas company Exxon Mobil Corporation (N:XOM) reported better than expected fourth quarter earnings ahead of Tuesday's opening bell, but figures came in sharply below last year’s results due to the persistent slump in oil prices.
Exxon said earnings per share came in at 67 cents in the three months ended December 31, above expectations for earnings of 63 cents per share but down sharply from $1.56 in the same period a year earlier.
The company’s fourth quarter revenue totaled $59.81 billion, beating forecasts for sales of $52.36 billion but 31.5% below sales of $87.28 billion in the same period a year earlier.
Higher Downstream and Chemical earnings were offset by sharply lower commodity prices in the Upstream.
Capital and exploration expenditures were $7.4 billion, down 29% from the fourth quarter of 2014.
Oil-equivalent production increased 4.8% from the fourth quarter of 2014, with liquids up 14% and natural gas down 5.6%.
“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” said Rex W. Tillerson, chairman and chief executive officer.
Following the release of the report, Exxon Mobil shares shed 0.75% in pre-market trade to $75.70 from Monday's closing price of $76.27.
Meanwhile, U.S. stock futures pointed to a lower open. The blue-chip Dow futures shed 102 points, or 0.62%, the S&P 500 futures dipped 13 points, or 0.66%, while the tech-heavy Nasdaq 100 futures fell 29 points, or 0.67%.