Business News: Exxon revenue rises, 4Q profit beats expectations

Business News: Exxon revenue rises, 4Q profit beats expectations

DALLAS (AP) — Exxon Mobil increased revenue during a volatile fourth quarter for world oil markets, but profit fell 28 percent from a year earlier, when Exxon booked a huge gain from lower corporate tax rates.

The profit topped Wall Street expectations, however, and capped Exxon’s most profitable year since 2014.

In midday trading, the shares rose $2.45, or 3.3 percent, to $75.73.

Chairman and CEO Darren Woods said the results during a tumultuous quarter in which oil prices tumbled showed that Exxon can generate cash under different kinds of market conditions.

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