DALLAS—The big plunge in crude prices is taking a toll on Big Oil.
Exxon Mobil Corp. said Tuesday that fourth-quarter profit fell 58 percent to $2.78 billion. It was the oil giant’s smallest profit since the third quarter of 2002.
Exxon’s core exploration and production business lost money in the U.S. and international earnings plummeted by nearly two-thirds. One of the few bright spots, Exxon’s refining operation was more profitable than a year ago. That helped Exxon avoid the fate of rival Chevron Corp., which lost money in the fourth quarter.
One of the few bright spots, Exxon's refining operation was more profitable than a year ago.
