Exxon Corp., the world's largest
traded oil company in terms of market value, said on Thursday
fourth quarter net income fell 39 percent to $1.53 billion from
$2.5 billion as global crude oil prices slumped 40 percent.
Excluding the effect of a one time credit in the 1997
quarter, net income fell $655 million, or 30 percent, and
diluted net income per share fell to $0.63 from $0.89, or $1.00
including the year-ago credit.
Wall Street analysts surveyed by First Call Corp. had
estimated fourth quarter at 57 cents per share.
A large drop in both domestic and foreign upstream earnings
for the quarter was offset by a smaller than expected drop in
U.S. refining and marketing, where earnings fell just $35
million to $157 million despite razor thin refinery margins.
U.S. oil and gas earnings fell to $214 million from $419
million while overseas earnings fell to $415 million from $790
million as crude oil prices clung persistently to 12 year lows.
Also supportive was the overseas downstream segment, where
despite Asia's economic woes, earnings rose $41 million to $487
million.
Exxon said that revenues in the fourth quarter sank to
$29.663 billion from $35.062 billion as oil prices fell $7.50
per barrel from a year ago to their lowest levels in real terms
since 1972-73.
For the full year, Exxon's earnings diluted per share fell
to $2.61 from $3.41 and net income dropped to $6.37 billion from
$8.46 billion and revenues fell to $117.488 billion from
$137.242 billion.
