Exxon Mobil earnings drop to lowest level since 1999

Exxon Mobil Corp.'s quarterly earnings dropped 63 percent to the lowest level since 1999.

That year, the company nearly doubled in size with the purchase of rival Mobil in an $80 billion deal.

In its most recent quarter, Irving, Texas-based company reported net income of $1.8 billion, or 43 cents per share, compared to $4.9 billion, $1.17 per share, a year earlier. That beat analysts' earnings predictions of 31 cents per share.

Revenue moved down 28 percent to $48.7 billion. That, too, beat analysts' predictions of $48.1 billion.

The decreases in net income and revenue were due, in part, to a drop in business producing oil and natural gas, as well as refining oil into products such as gasoline and diesel.

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