ExxonMobil Q4 earnings up 1.6 per cent

ExxonMobil_Q4Exxon Mobil's Q4 earnings edged up 1.6 per cent as high oil prices offset impacts from lower production and weak refining margins.

ExxonMobil saw profits in Q4 increase slightly to US$9.4 billion up from US$9.25 billion a year earlier. While for all of 2011, net income jumped 34 per cent to US$41.0 billion, benefiting from higher oil and natural gas prices, the company said in a statement.

Revenue numbers highlighted the slower growth in the Q4 with net revenue rising by 15 per cent to US$121.6 billion. Upstream earnings in the Q4 were US$8.8 billion, up US$1.3 billion from the fourth quarter of 2010.

"ExxonMobil recorded strong results while investing at record levels to develop new supplies of energy that are critical to meeting growing world demand, and supporting economic recovery and growth," chairman Rex Tillerson said in the statement.

Oil and natural-gas production declined 8.8 per cent during the final three months of 2011 to the equivalent of 4.53mn barrels of crude a day. Volumes grew by 1 per cent or 59,000 oil equivalent barrels per day compared to 2010 - thanks to the ramp-up of projects in Russia, Qatar, Iraq and Angola.

Refining and marketing slumped 63 per cent on weaker refining margins and lower petroleum product sales.

Balanced global portfolio

David S. Rosenthal, Vice President Investor Relations ExxonMobil, said that: "ExxonMobil maintains a balanced global exploration portfolio, which supports an active exploration drilling program aimed at testing new play concepts, opportunities in existing basins and near field wildcats across the globe.

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