News Summary: Exxon's 4Q profit drops 16 percent

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Associated Press

Posted on January 30, 2014 at 12:00 PM

Updated Thursday, Jan 30 at 12:02 PM

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.

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