Exxon Mobil increased revenue during a volatile fourth quarter for world oil markets, but profit fell 28 percent from a year earlier, when Exxon booked a huge gain from lower corporate tax rates. Chairman and CEO Darren Woods said the results in a quarter when oil prices tumbled showed that Exxon can generate cash under different kinds of market conditions. Exxon's production inched higher by less than 1 percent, but the increase would have been much larger excluding assets that Exxon has since sold. Notably, Exxon's production in the Permian Basin nearly doubled from a year earlier and grew 12 percent just since the third quarter of 2018. Oil prices began falling in the middle of 2014, pushing Exxon's profit down over the next few years.

Source: ABC News February 01, 2019 13:30 UTC