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Article: Exxon Mobil, Sunoco Profits Decline
- Article from:
- AP Online
- Article date:
- January 23, 2002
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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Title: Exxon Mobil, Sunoco Profits Decline
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Exxon Mobil Corp. and Sunoco Inc. reported large declines in fourth
quarter profits Wednesday because of a steep drop in the price of
crude and weak demand for refined products in a poor economic environment.
Annual profits for both companies were down compared with 2000, although
executives said they remain hopeful for a turnaround in 2002.
Exxon Mobil met Wall Street's earnings expectations, while Sunoco
surpassed them. The stock prices of both companies rose Wednesday
on the New York Stock Exchange.
Exxon Mobil Corp.
The world's largest oil company said Wednesday that fourth quarter
profits fell 44 ...