DALLAS – Exxon says fourth-quarter earnings rose 6 per cent to $9.95 billion with help from higher profit margins in its refining business.
The biggest U.S. oil company still makes most of its money by producing oil and gas, but that end of the business is less profitable than a year ago because of lower prices and production. Exxon is making up the difference at its refineries.
The company said Friday that net income for the fourth quarter equaled $2.20 per share, compared with $1.97 per share a year earlier.
Revenue was down 5 per cent to $115.17 billion, a drop of $6.44 billion.
FactSet says analysts it surveys expected Exxon Mobil Corp. to earn $1.99 per share on revenue of $115.22 billion. Shares rose slightly in premarket trading.