Exxon's profit dips 16 percent to $8.35 billion

Exxon Mobil's (XOM) profit is down 16 percent from last year as the company is producing slightly less oil and gas. But it's still making more than $8.3 billion in three months.

The company is earning less from producing oil and gas in the U.S. and overseas, and from its international refining and marketing business.

Exxon Mobil Corp. said Thursday that fourth-quarter net income was $8.35 billion, or $1.91 per share, matching Wall Street's forecast. That compares with profit of $9.95 billion, or $2.20 per share, a year earlier.

Revenue is down 3 percent to $110.86 billion, below the $114.51 billion that analysts were expecting.