Business

Exxon Mobil profits dive by 51%

02 Feb 2017 | By Jayasri Viswanathan

Profits of the world's largest publicly traded integrated oil company Exxon Mobil dived sharply to USD 7.8 billion.

Blaming low oil and natural gas prices, CEO Darren Woods said they had to write off $2 billion from the value of undeveloped gas fields in the Rocky Mountains.

Exxon shareholders get dividends worth USD 12.5 billion for last year.

In context: Exxon profits reduce by half to $7.8 billion

02 Feb 2017Exxon Mobil profits dive by 51%

"Impacted by the prolonged downturn in commodity prices" - Exxon

"Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," said Darren Woods, CEO, Exxon Mobil. Woods replaces long-time CEO Rex Tillerson, who is now the first choice for US Secretary of State.
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SEC heat on Exxon

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Exxon's move to write down assets comes in the wake of investigation by Securities and Exchange commission (SEC) authorities looking at the oil giant for not writing down assets despite global oil crash.

Royal Dutch Shell and Chevron have already reported losses, even as Exxon Mobil reported profits.

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Even as Exxon announces profits, US Senate has advanced the nomination of the oil giant's former CEO Rex Tillerson to be the Secretary of State in the Trump-led government.

The final vote is scheduled for early Wednesday.

Tillerson will receive USD 180 billion to cut financial ties with Exxon.

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Exxon had been sued by environmental groups in 2010 for failing to implement emissions curbing technology.

The court ruled Exxon had violated the Clean Air Act 16,386 times.