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ExxonMobil reports 58% drop in 4Q profits to $2.8bn

US oil giant ExxonMobil's first-quarter earnings dived 63 percent to $1.8 billion due to plunging oil prices

ExxonMobil reported a 58 percent drop in fourth-quarter earnings as plunging oil prices dented results in the US oil giant's exploration and production business.

Earnings for the quarter came in at $2.8 billion as revenues fell 31.5 percent to $59.8 billion. Lower capital spending enabled ExxonMobil to remain profitable during a quarter in which both BP and Chevron reported losses.