Exxon Mobil badly misses on earnings, takes $2 billion impairment [View all]

Source: CNBC

Exxon Mobil badly misses on earnings, takes $2 billion impairment

Tom DiChristopher | @tdichristopher
31 Mins Ago

Exxon Mobil badly missed earnings forecasts on Tuesday as it took a $2 billion impairment charge, mostly due to the company lowering the value of some of its U.S. gas assets.

Persistently low oil prices and weaker profit margins in Exxon's refining business also weighed on earnings for the full year.

"Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," Chairman and CEO Darren Woods said in a statement.
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Exxon reported fourth-quarter earnings of $1.7 billion, or 41 cents a share. In the period a year ago, the oil giant reported earnings of $2.8 billion, or 67 cents a share.


Read more: http://www.cnbc.com/2017/01/31/exxon-mobil-reports-earnings.html