Exxon Mobil reported strong earnings on its refining and chemical businesses for the fourth quarter on Friday, compensating for disappointing results in its oil and gas businesses.
The oil giant reported net income for the quarter of $9.95 billion, up 6 percent from the year before.
The company’s domestic refining division is benefiting from the steep increase in domestic oil production, which has brought down the price of crude that refiners process, particularly in the midsection of the country.
But Exxon Mobil also reported a 5 percent decline in oil and gas production, with earnings from output in its upstream business falling 12 percent in the quarter.
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