Energy

Exxon Reports Annual Profits Dive 58%, Slashes 2016 Capex by 25%

Paul Ausick

Published: February 2, 2016 8:40 am

Last Updated: January 13, 2020 1:46 pm

Exxon Mobil Corp. (NYSE: XOM) reported estimated fourth-quarter and full-year 2015 results before markets opened Tuesday. For the quarter, the integrated oil and gas giant posted quarterly diluted earnings per share (EPS) of $0.67 on revenues of $59.81 billion. In the same period a year ago, the company reported EPS of $1.32 on revenues of $87.28 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.63 on revenues of $51.36 billion.

For the full year, Exxon reported EPS of $3.85 and revenues of $268.88 billion, compared with EPS of $7.36 and revenues of $411.94 billion in 2014. Analysts had estimated EPS of $3.82 and revenues of $252.94 billion for 2015.

Profits in 2015 fell by about 50%, from $32.5 billion in 2014 to $16.2 billion. Oil equivalent production rose 3.2% year over year, with liquids up 11% and natural gas production down 5.7%.

For the fourth quarter, profits declined by 58%, from $6.6 billion in the year-ago quarter to $2.8 billion. In the upstream division, profits fell from $5.5 billion in the fourth quarter of 2014 to $857 million. Lower realized prices for liquids and natural gas contributed $3.7 billion to the drop.

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