Exxon Mobil Corporation (NYSE:XOM) has revealed a big miss on Wall Street expectations with its fourth quarter earnings.
It reported US$1.68bn of quarterly net income which equates to 41 cents per share, compared to US$2.8bn or 67 cents for the same period of 2015. The results carried a US$2bn impairment relating to undeveloped assets US Rocky Mountain region.
Not only does it mark a drop off from the prior year, it is also sharply less than Wall Street expectations for 70 cents per share.
It comes just a day after Chevron’s financials also missed expectations.
For the full year Exxon says it earned US$7.8bn, US$1.88 per share.
Chief executive officer Darren Woods said: “ExxonMobil demonstrated solid operating performance in 2016. Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge.”
“The company’s continued focus on fundamentals and our ability to leverage an attractive global portfolio through our integrated business ensures we are well positioned to generate long-term shareholder value.”