UPDATE: Exxon Mobil Q4 Earnings Beat Expectations

Exxon Mobil Inc. XOM reported stronger-than-expected earnings for the fourth quarter. The Irving, Texas-based company posted quarterly earnings of $6.57 billion, or $1.56 per share, compared to $8.35 billion, or $1.91 per share, in the year-ago quarter. Its revenue shrank to $87.28 billion from $110.86 billion. However, analysts were expecting a profit of $1.36 per share on revenue of $87.43 billion. Upstream earnings declined $1.3 billion from the year-ago period to $5.5 billion, while downstream earnings shrank $419 million to $497 million. Oil and natural gas production dropped 3.8% in the period. Capital and exploration expenditures rose 5% to $10.5 billion. During 2014, Exxon Mobil distributed $23.6 billion to shareholders in the form of dividends and share purchases. During the fourth quarter, the company purchased 36 million shares of its common stock for the treasury at a cost of $3.3 billion. “ExxonMobil's results illustrate the value of our proven business model that integrates upstream, downstream, and chemical businesses,” said Rex W. Tillerson, chairman and chief executive officer. “Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle.” Exxon Mobil shares gained 0.65% to $87.99 in pre-market trading.