American energy giant ExxonMobil saw its earnings fall, but revenue increase in the fourth quarter of 2018 from the same period of 2017, according to its financial results statement.
The U.S.' top oil producing company had earnings of $6 billion in the final quarter of last year, down 28.4 percent from the same quarter of the year before when it posted $8.38 billion, according to its financial statement released on Friday.
Revenue, on the other hand, rose 8.1 percent to $71.89 billion in the October-December period of 2018 from $66.51 billion during the same period of 2017.
For the full year of 2018, the company saw total revenue of approximately $290 billion -- up 18.8 percent from $244 billion for the entire 2017.
Earnings in 2018 were also slightly up by 6 percent to $20.84 billion from $19.71 billion in 2017.
Chairman and CEO Darren W. Woods referred in the statement to 'a period of commodity price volatility' adding that the firm's financial results provide 'a strong foundation to successfully compete across commodity price cycles.'
Capital and exploration expenditure totaled $7.84 billion in the fourth quarter of last year -- down 14.9 percent from $9 billion for the same period during the previous year.
For the 12 months of 2018, the capital and exploration expenditure equaled $25.92 billion -- up 12.3 percent from $23.08 billion for the entire 2017.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr