US oil giant Exxon Mobil has said its profits fell 58% to $2.78bn
(£1.93bn) in the three months to the end of December, compared with
$6.57bn for the same period a year earlier.
It saw annual profits drop 50% to $16.2bn, from $32.5bn in 2014.
Capital and exploration expenditure was 19% down in 2015 compared with the previous year, with further cuts promised.
Exxon said its oil and gas output rose 4.8% in the fourth quarter.
Crude oil prices have dropped about 70% from the 2014 high of more than $100 a barrel.
Oil companies have been trying to cut costs and investments in new projects as they adjust to the sustained fall in prices.
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