The U.S.’ energy giant ExxonMobil saw its net income decline and revenue increase in the fourth quarter of 2016, the company announced on Tuesday.
The country’s biggest integrated oil company‘s net income decreased by 40 percent to $1.68 billion in the last quarter of 2016 compared to $2.78 billion in the fourth quarter of 2015.
ExxonMobil posted revenue of $61.02 billion in the fourth quarter of last year, a 2 percent increase from $59.81 billion in the same period a year ago.
Chairman and CEO Darren W. Woods blamed low oil prices for the company’s net income in a statement.
“Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge,” he said.
After quarterly results were announced, ExxonMobil‘s stock price fell 2.2 percent to as low as $83.22 a share before 16.30 GMT, after opening Tuesday at $85.07 per share.