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Exxon chairman and CEO Rex W. Tillerson. Image courtesy of International Energy Forum/Youtube.

ExxonMobil reported a sharp drop in full year earnings on Tuesday but still managed to beat analysts expectations.

Exxon booked estimated 2015 earnings of $16.2 billion, down from $32.5 billion a year earlier as higher downstream and chemical earnings were offset by sharply lower commodity prices.

The company reported $2.78 billion in fourth quarter earnings, or $0.67 per diluted share, down from $6.57 billion in the fourth quarter of 2014, on about $59.81 billion in revenues.

Analysts had expected earnings of about 63 cents per share on revenues of $51.36 billion, according to CNBC.

Upstream earnings were $857 million in the fourth quarter of 2015, down $4.6 billion from the fourth quarter of 2014.

U.S. upstream earnings fell to a loss of $538 million in the fourth quarter with a full year loss of $1.07 billion compared to earnings of $5.19 billion in 2014.

Non-U.S. upstream earnings slid down to $1.39 billion in the fourth quarter of 2015 from $3.96 billion a year ago.

Exxon booked full year non-U.S. upstream earnings of $8.18 billion, down from $22.35 billion in 2014.

Downstream earnings grew to $1.4 billion, up $854 million from the fourth quarter of 2014.

Fourth quarter U.S. downstream earnings jumped to $435 million, up from a $1 million loss during the same period last year, while fourth quarter non-U.S. downstream earnings climbed to $916 million from $498 million a year ago.

Exxon’s U.S. chemical segment earned $520 million in the fourth quarter compared to $832 million in the same quarter of 2014.

Earnings tied to the company’s non-U.S. chemical segment jumped to $443 million in the fourth quarter, up from $395 million in the fourth quarter of 2014.

The company’s worldwide net production of crude, natural gas, liquids, bitumen and synthetic oil climbed to 2.48 million barrels per day in the fourth quarter from 2.182 million barrels per day in the prior year quarter.

Full year worldwide production grew to 2.34 million barrels per day in 2015, up from 2.11 million barrels per day.

Exxon’s natural gas production available for sale climbed to 4.24 million barrels of oil equivalent (boe) in the fourth quarter of 2015 and 4.09 million boe t for the full year of 2015, up from 3.96 million boe in 2014.

The company’s capital and exploration expenditures were $7.4 billion in the fourth quarter of 2015, down 29 percent from the fourth quarter of 2014.

“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” Exxon chairman and CEO Rex W. Tillerson said.