Oil and gas major Exxon Mobil Corp. (NYSE: XOM) today released its fourth-quarter financial results, posting a 6% increase in earnings.
For the fourth quarter of 2012, the Irving, Texas-based company reported earnings of $9.9 billion, up 6% over the fourth quarter of 2011. On a per share basis, the company’s earnings for the quarter rose 12% to $2.20 per share.
Exxon’s upstream earnings for the quarter were $7.762 billion, down $1.067 billion from the fourth quarter of 2011. Production fell 5.2% in the fourth quarter. Downstream earnings for the quarter were $1.768 billion, up $1.343 billion from the fourth quarter of 2011. The increase in downstream earnings in the fourth quarter of 2012 was mainly due to stronger refining-driven margins.
For the full year 2012, Exxon Mobil reported earnings of $44.88 billion, up 9% over 2011. On a per share basis, full-year earnings rose 15% to $9.70 per share.
Rex W. Tillerson, Chairman and CEO of Exxon Mobil, said that energy is fundamental to economic growth and improved living standards. Tillerson said that XOM’s strong financial performance enables continued investment in new energy supplies, which creates jobs and supports economic expansion.
Tillerson noted that the company’s capital and exploration expenditures were a record $39.8 billion in 2012 as the company continues pursuing opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy.
Exxon Mobil shares are marginally lower in trading today as investors assess the company’s fourth-quarter results. At last check, the stock was trading 0.12% lower at $89.86 on volume of 3.26 million. It fell to an intra-day low of $89.36.
In the last one year, Exxon shares have gained 7%, underperforming the S&P 500, which is up nearly 14% in the same period.
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