IRVING, Texas – Exxon Mobil Corp’s. fourth-quarter profit narrowly beat Wall Street’s expectations as rising crude oil prices offset falling margins for chemicals, engine lubricants and fuel.
The company posted net income of $9.4 billion, or $1.97 per share, compared with $9.25 billion, or $1.85 per share, in the year-ago period.
Analysts expected earnings of $1.96 per share, according to Thomson Reuters I/B/E/S.
Total revenue rose 16 percent to $121.61 billion. Analysts expected $119.7 billion in revenue.
Oil companies around the world benefited from a jump in oil prices. Crude futures traded in New York jumped about 25 percent to end the fourth quarter at $98.83 per barrel. Brent prices gained 5 percent during the quarter.
Shares of Exxon Mobil fell 1 percent to $84.60 in premarket trading.