Though fourth quarter earnings were down more than 20 percent, Exxon Mobil Corp. said Monday it was successful in the low commodity price climate.
"Exxon Mobil's results illustrate the value of our proven business model that integrates upstream, downstream, and chemical businesses," Rex Tillerson, chairman and chief executive officer, said in a statement.
The company's fourth quarter earnings of $6.6 billion was more than 20 percent less than fourth quarter 2014. Full-year earnings of $32.5 billion were down less than 1 percent from the previous year.
Major energy companies, and those in secondary industries like steel, are trimming capital spending plans and announcing staff reductions are oil prices slide more than 15 percent for the year and roughly 50 percent from their June values.
"Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle," Tillerson said.
The company said capital spending for the fourth quarter was up 5 percent year-on-year to $10.5 billion. Total net production, however, decreased 3.8 percent from fourth quarter 2013.
An Exxon subsidiary, XTO Energy, agreed in December to spend $3 million to restore land in West Virginia damaged by oil and gas operations and pay a civil penalty of $2.3 million for violating the Clean Water Act.
The company provided no forecast for 2015 spending.
