IRVING, Texas -- Exxon Mobil Corp. reported its fourth quarter profits fell 44 percent as demand and prices for crude and natural gas dropped, although the company met Wall Street's limited expectations.
The company reported a net profit of $2.68 billion, or 39 cents per share, compared with $5.22 billion, or 75 cents per share, a year earlier. Exxon Mobil Chairman Lee R. Raymond blamed the earnings decline on lower prices and demand for crude and natural gas.
Earnings in the company's upstream, operations, fell 16 percent as crude oil prices were down roughly 18 percent compared with last year. This was partially offset by the fact that profits from retail sales of gasoline and other so-called downstream operations rose 24 percent from a year ago, the company said.
Raymond said the year-on-year profit decline was partly due to the fact that Exxon Mobil's income in 2001 was inflated with gains from with asset sales tied to the 1999 merger of Exxon and Mobil.
