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ExxonMobil Chairman and CEO Rex Tillerson

ExxonMobil’s fourth-quarter profit fell 16 percent due to lower oil and gas production and weakness in the refining business sector.

The company said Thursday that income in the fourth quarter was $8.35 billion, consistent with analysts’ estimates.

A year earlier, Exxon’s profit was $9.95 billion.

Revenue for the quarter fell 3.3 percent to $110.86 billion.

Production of oil and gas dropped 1.8 percent, the company said.

Chairman and CEO Rex Tillerson said new projects in development will help the company generate big profits.

“Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses,” he said.

Texas-based ExxonMobil spent $26 billion last year on dividends and buybacks for shareholders.

That and stable oil prices helped Exxon’s shares gain about 15 percent in 2013.

“Exxon is the world’s biggest publicly traded oil company. It became the largest producer of U.S. natural gas with the 2010 acquisition of XTO Energy, a deal that has failed to produce immediate results due to stubbornly low gas prices amid a surge in drilling,” the AP said.

The company said in the fourth quarter it paid $23.11 billion in income, sales and other taxes, 4.2 percent less than a year ago.