ExxonMobil 2015: 50% Decline in Earnings, Thank God for Downstream

Yesterday ExxonMobil released its fourth quarter and full year 2015 update. Not a pretty picture. ExxonMobil is the largest oil and gas company headquartered in the U.S. It’s also the owner of XTO Energy–which is one of the major drillers in the Marcellus/Utica Shale. Everyone watches Exxon closely as a barometer for other oil “majors” as they’re called. Yesterday Exxon reported a 58% drop in quarterly profit for 4Q15 (over 4Q14), and a 50% decline in 2015 earnings over 2014 earnings. Capital and exploration spending was $31.1 billion in 2015, down 19% from 2014. Exxon anticipates more cuts in spending for 2016, with capital and exploration spending of $23.2 billion, a decrease of 25% from 2015 levels. The clear sentiment in the statement below is, “Thank God for downstream” (gas stations and chemical plants) which kept the company from falling even further…

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