Exxon Mobil Corporation(XOM.US): The decrease in oil prices led to a $700 million reduction in profits for the fourth quarter.

Exxon Mobil Corporation (XOM.US) stated that in the last three months of 2024, the decline in crude oil prices and refining margins had a negative impact on its profits. In a statement on Tuesday, Exxon Mobil Corporation said that compared to the third quarter of 2024, the decrease in oil prices resulted in approximately $700 million less profit for its production division, while refining profits decreased by $500 million. However, there was a profit increase of about $200 million from higher natural gas prices, while chemical profits saw a decrease. Exxon Mobil Corporation's performance guidance did not take into account changes in operational performance or production levels, but it indicated that the fourth quarter would be challenging for the oil giant. Exxon Mobil Corporation stated that it will generate $400 million in proceeds from asset sales in the fourth quarter, and record the same amount in expenses.