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Exxon Mobil reported earnings of $2.20 per diluted share, a 12 percent increase over the year-ago period, and ahead of expectations for about $2.00. The big news out of the report is that oil-equivalent production fell 5.2 percent year over year, catalyzing a 12 percent drop in fourth-quarter upstream earnings.
However, with record capital expenditures of $12.4 billion, a 24 percent year-on-year increase, Exxon is proactively pursuing exploration and production opportunities in both oil and natural gas, as well as enhancing its downstream operations.
|4Q 2012||4Q 2011||Full-year 2012||Full-year 2011|
|Diluted EPS ($)||2.20||1.97||9.70||8.42|
|Upstream Earnings ($) in millions||7,762||8829||29,895||34,439|
|Downstream Earnings ($) in millions||1,768||425||13,190||4,459|
At a glance, it’s easy to see that improvements in downstream earnings were the primary driving force for earnings in the fourth quarter.
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