(nasdaq) -- Exxon Mobil Corp.'s (XOM) fourth-quarter earnings edged up 1.6% as high oil prices offset impacts from lower production and weak refining margins.
The company has been distancing itself from the refining and marketing, or downstream, business globally. A number of major energy companies have been repositioning amid a boom in alternative shale energy fields and a glut of refining capacity. However, big investments in shale natural-gas resources, such as Exxon's USD 25 billion acquisition of XTO Energy in 2010, remain a bet for the future as natural-gas prices remain at historic lows.
Exxon Mobil, the world's largest publicly traded oil company by market value, reported a profit of USD 9.4 billion, or USD 1.97 a share, up from USD 9.25 billion, or USD 1.85 a share, a year earlier.
Revenue increased 16% to USD 121.61 billion. Exploration and production earnings were up 18% mostly owing to higher prices as production fell 9% on an oil-equivalent basis.
Refining and marketing slumped 63% on weaker refining margins and lower petroleum product sales.
During the quarter, Exxon Mobil repurchased 69 million common shares at a cost of USD 5.4 billion, including USD 5 billion to reduce shares outstanding.