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The US supermajor ExxonMobil has announced that its 2009 profits have plummeted from US$45.22 billion in 2008 to US$19.42 billion, a year-on-year decrease of 57%.
In a statement released on the company’s website Exxon said lower prices for oil and gas compared to the previous year as well as a slump in global demand for hydrocarbon products were the reasons for its worst performance in seven years.
“Despite continuing difficult global economic conditions, ExxonMobil delivered strong business results and built on our long-term focus,” Rex Tillerson, ExxonMobil chairman, said.
“Our full year 2009 earnings excluding special items were $19,42 million despite significantly lower commodity prices and weak product margins.”
“Our financial strength provided us with the foundation to continue investing in new energy supplies to help meet global energy demand and to fuel economic growth. Capital and exploration spending was $27.1 billion in 2009, another record year, and in line with our longer term plan,” he added.
However, the company’s fourth quarter results did show some small signs of recovery with profits down by only 23% to $6.05 billion from the previous year’s $7.82 billion and despite the massive drop in profits, ExxonMobil remains the most profitable compnay in the United States.
Major highlights for ExxonMobil during 2009 included the $41 billion acquisition of XTO Energy, the start up of major liquefied natural gas (LNG) operations in Qatar and major LNG projects in Australia and Papua New Guinea as well as the announcement of a joint venture with Qatar Petroleum that will see the company build a multi-billion dollar world scale petrochemical facility at Ras Laffan in Qatar.
