Exxon Profit Falls on Oil Glut

Exxon Mobil's earnings fell short of estimates, marking a seventh consecutive year of decline. Production also missed targets, contributing to a 2% drop in premarket trading. The company faces challenges similar to Shell and BP, struggling with lower commodity prices and weaker refining margins. Despite being a major player, Exxon is cutting capital expenditures by $5.2 billion. The video discusses the need for cost-cutting and the difficulty of maintaining production levels, highlighting the challenges in Exxon's business model going forward.

What significant trend in earnings does the text mention?

What were the factors contributing to the disappointing production results?