This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ExxonMobil (XOM) Slips on Lagging Oil Production

Stocks in this article: XOMMPCHESPSX

NEW YORK (TheStreet) -- ExxonMobil (XOM) slipped lower after reporting a 16% drop in fourth-quarter net profits to $8.35 billion, with per-share earnings of $1.91 missing by a penny.

In what is fast becoming a trend in the oil industry, the world's largest publicly traded oil company reported falling profitability as sluggish production of crude and natural gas impacted its bottom line. Fourth-quarter earnings of $1.91 a share, while beating consensus by a penny, dropped 13% year-on-year, while revenue dipped 3.3% to $110.86 billion.

Analysts polled by Thomson Reuters had expected earnings of $1.90 a share on $114.51 billion in revenue.

Oil production decreased 1.8% from the fourth quarter of 2012 on an oil-equivalent basis. Excluding entitlement volumes, OPEC quota effects and divestments, production was flat.

In its refining and marketing business, operating earnings halved to $916 million, a result of weaker margins.

A day earlier, competitors Marathon Petroleum (MPC), Hess Corporation  (HES) and Phillips 66  (PSX) posted a fall in net income of 17%, 20% and more than 30%, respectively.

By early afternoon, Exxon had shed 0.63% to $94.51, and Hess was off 0.35% to $76.79. Meanwhile, Marathon added 0.86% to $87.26, and Phillips 66 edged 0.26% higher to $74.37.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.08 +37.07 1.95%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs