Exxon earnings miss estimate as production falls, -1.4% premarket

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

ExxonMobil (XOM) -1.4% premarket as Q4 earnings dropped 16% Y/Y as it pumped less crude and natural gas; revenues fell 3.3% Y/Y to $110.86B, below $114.94B analyst consensus estimate.

E&P operating earnings fell 13% to $6.79B, as production declined 1.8% on an oil-equivalent basis.

Operating earnings in the refining and marketing business fell 48% to $916M on weaker margins, mainly in refining.

XOM and Statoil (STO) announce a fifth discovery in Block 2 offshore Tanzania; the discovery of an additional 2T-3T cf of natural gas in place in the Mronge-1 well brings total gas resource estimate to 17T-20T cf.