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.

Chevron Corp. also posted strong results Friday — quarterly profit of $3.73 billion was up 20 percent from a year earlier and finished the company's best year since 2014.