EARNINGS DOWN: Exxon Mobil Corp. reported fourth-quarter net income of $8.35 billion, down 16 percent from a year earlier although it was good enough to meet Wall Street expectations of $1.91 per share.
PRODUCTION SLIPS: Oil and gas production fell 1.8 percent, resulting in lower earnings for the so-called upstream end of the business. Most of Exxon's profit comes from producing oil and gas outside the U.S.
REFINING OFF TOO: Profit margins in refining continued to shrink, further cutting into Exxon's profit. Earnings from the company's "downstream" business plunged 48 percent from a year ago.