Exxon earnings slip on lower production, refining

Exxon Mobil (XOM) says net income fell 4 percent in the fourth quarter on lower production of oil and gas and weaker refining results.

Cost-cutting helped the company beat the expectations of Wall Street analysts.

Exxon said Thursday it earned $9.1 billion in the first three months of the year on revenue of $106.77 billion. During the same period last year, Exxon earned $9.5 billion on revenue of $108.36 billion.

On a per-share basis, Exxon earned $2.10, compared with $2.12 last year. Analysts expected Exxon to earn $1.88 per share, on average, according to FactSet.

Exxon's production fell 5.6 percent in the quarter, though it earned more for its oil and gas. Refining operations were hurt by high prices for raw materials and relatively lower prices for finished fuels.