NEW YORK (AP) -- RISING PRICES: The price of oil rose last year as global demand hit new records and traders fretted over disruption of exports from Libya, Nigeria and Iran. The rise boosted fourth-quarter profits for Exxon Mobil Corp. by 2 percent.
PRODUCTION DROP: Exxon Mobil's profit rose even though oil and natural gas production fell nearly 9 in the October-to-December period. The drop is due to natural production declines from aging fields and contracts with foreign governments that limit the amount of crude that Exxon can produce as prices rise.
BOTTOM LINE: Exxon earned $9.4 billion, or $1.97 per share, in the fourth quarter, matching Wall Street expectations.