Exxon quarterly profit falls 5.2% on weak refining, chemical margins

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

(Reuters) – Exxon Mobil Corp (XOM.N) reported a 5.2% drop in fourth-quarter profit on Friday, hit by weaker margins in its refining and chemical business.

Net income attributable fell to $5.69 billion, or $1.33 per share, in the three months ended Dec. 31, from $6 billion, or $1.41 per share, a year earlier.

The company’s fourth-quarter earnings included a $3.9 billion gain, mainly from the sale of its non-operated upstream assets in Norway to Vår Energi AS.

The largest U.S. oil producer’s oil equivalent output rose 0.2% to 4.02 million barrels per day in the quarter.

Earlier this week, the company raised its Guyana oil estimates by 2 billion barrels, bringing total recoverable oil and gas resources from the discovery to more than 8 billion barrels.

Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila

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