Exxon Mobil beat earnings forecasts on Tuesday as revenues increased, though the company took a $2 billion impairment charge, mostly due to lowering the value of some of its U.S. gas assets.
Excluding one-time items, Exxon reported a fourth-quarter profit of 90 cents a share, versus Wall Street expectations of 70 cents a share.
Results for the Irving, Texas-based oil giant were helped by belt-tightening throughout 2016. However, persistently low oil prices and weaker profit margins in Exxon's refining business weighed on earnings for the full year.
"Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," Chairman and CEO Darren Woods said in a statement.
Shares of Exxon slipped about 1 percent Tuesday.
Evercore analyst Doug Teresson said many market watchers were focused on the charge. Including that impairment, Exxon would have missed profit forecasts.