ExxonMobil up on downstream leap

ANTHONY GUEGEL/UPSTREAM

Eoin O'Cinneide

 01 February 2013 13:55 GMT

ExxonMobil saw its net profit climb last year despite the US supermajor recording a drop in revenues as downstream numbers rose

Total production also dropped at the Irving, Texas-based giant which still managed to boost its capital and exploration expenditure to a record $39.8 billion.

Net profit for the 12 months to the end of December reached $44.88 billion, up from the $41.06 billion seen a year earlier.

Revenues, however, went the other way, dropping from $486.43 billion to $482.3 billion as production dropped 6% year-on-year.

The company managed to bolster the bottom line, however, by chopping total costs from $413.17 billion to $403.57 billion.

Upstream earnings sank $4.54 billion to $29.9 billion due to lower…

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