LONDON (ShareCast) - (Sharecast News) - US oil giant Exxon Mobil fourth quarter profits beat estimates, despite weaker oil prices and refining margins, driven by increased production in the Permian basin at home, and in Guyana.
The company reported adjusted earnings of $7.61bn for the three months to December 31, or $1.67 a share, beating estimates of $1.56.

Revenue came in at $83.43bn for the period, missing estimates of $87.12bn.

Net production hit 4.6 million oil-equivalent barrels per day during the quarter, up 20,000 compared with the previous quarter.

Total full-year earnings fell to $33.46bn, down from $38.57bn a year earlier. Exxon earlier this month said sharply lower oil refining margins would cut earnings by between $300 m and $700m compared to the third quarter.

Reporting by Frank Prenesti for Sharecast.com

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