ExxonMobil today reported a fall in quarterly earnings on lower oil and gas production and a weak US refining performance.
The biggest US oil company said fourth-quarter net income was $6.6 billion, down 21.3% from the same time the previous year.
Drivers of the decline included a 3.8% drop in oil and gas production and a $1m loss in US downstream earnings due to poor refining margins in the company's domestic market.
The weak US refining performance was offset by a rise in non-US refining profits and higher global chemical profits.
The Exxon earnings came as oil companies such as Chevron and ConocoPhillips cut drilling budgets due to a steep decline in oil prices that has pressured earnings.
Oil prices have fallen about 60% since June.
"ExxonMobil's results illustrate the value of our proven business model that integrates upstream, downstream, and chemical businesses," the company's chief executive Rex Tillerson said.
"Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle," he added.
Exxon's revenues dropped over 20% compared with last year to $87.3 billion, demonstrating the impact from lower crude prices on oil pumped from the ground.
However, costs also fell 18.4% to $78.4 billion, reflecting the benefit of lower crude oil costs to refining.
