Exxon Mobil Corp. (NYSE: XOM) reported its financial results for the fourth quarter 2016. According to the statement, earnings for the fourth quarter dropped 40%, or $1.1 billion, to $1.7 billion, compared to the same period last year. Not considering $2 billion impairment charge, earnings increased $927 million to $3.7 billion from that of the fourth quarter in 2015.
Revenues increased 2.2% to $61.1 billion, which was the first rise in revenues in over two years.
For the full-year 2016, earnings dropped 51% from $16.2 billion in 2015 to $7.8 billion, or $1.88 per diluted share. Excluding impairment charge, earnings declined $6.3 billion to $9.9 billion, which was due to the lower commodity prices and refining margins. In 2016, the company distributed dividends of $12.5 billion to shareholders.
“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,” Darren W. Woods, the chairman and chief executive officer, said in the statement.
“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,” he added.
Exxon Mobil rose its capital budget from $19.3 billion in 2016 to $22 billion in 2017. The company didn’t disclose the details of forecasts of oil prices, but the increase in budget implies the confidence of future oil prices.