Exxon Q4 Beats Forecast But Slides On Low Crude Oil Price
IRVING Exxon Corp., the world's largest
traded oil company in terms of market value, said on Thursday
fourth quarter net income fell 39 percent to $1.53 billion from
$2.5 billion as global crude oil prices slumped 40 percent.
Excluding the effect of a one time credit in the 1997
quarter, net income fell $655 million, or 30 percent, and
diluted net income per share fell to $0.63 from $0.89, or $1.00
including the year-ago credit.
Wall Street analysts surveyed by First Call Corp. had
estimated fourth quarter at 57 cents per share.
A large drop in both domestic and foreign upstream earnings
for the quarter was offset by a smaller than expected drop in
U.S. refining and marketing, where earnings fell just $35
million to $157 million despite razor thin refinery margins.
U.S. oil and gas earnings fell to $214 million from $419
million while overseas earnings fell to $415 million from $790
million as crude oil prices clung persistently to 12 year lows.
Also supportive was the overseas downstream segment, where
despite Asia's economic woes, earnings rose $41 million to $487
Exxon said that revenues in the fourth quarter sank to
$29.663 billion from $35.062 billion as oil prices fell $7.50
per barrel from a year ago to their lowest levels in real terms
For the full year, Exxon's earnings diluted per share fell
to $2.61 from $3.41 and net income dropped to $6.37 billion from
$8.46 billion and revenues fell to $117.488 billion from