Higher oil prices boost Exxon 4Q profit 2 percent

NEW YORK - Exxon (XOM) says its fourth-quarter earnings rose 2 percent as higher oil prices made up for a drop in production.

The largest U.S. oil company has seen production from its oil fields decline as it invests heavily in U.S. natural gas fields. The shift so far hasn't paid off as natural gas prices have dropped.

Exxon's net income totaled $9.4 billion, or $1.97 per share, in the fourth quarter, matching Wall Street expectations. That compared with $9.25 billion, or $1.85 per share, a year earlier. Revenue rose 15.6 percent to $121.6 billion.

Analysts expected Exxon Mobil Corp. to earn $1.97 per share on revenue of $118.8 billion, according to FactSet.

For the full year, Exxon earned $41.1 billion, or $8.42 per share.