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ExxonMobil reported fourth quarter and full-year earning declines on Tuesday as low oil prices continued to impact upstream earnings.

The Texas-based company announced estimated full year 2016 earnings of $7.8 billion, or $1.88 per diluted share, down from $2.78 billion in the prior year.

Exxon said that an asset recoverability review was completed in the fourth quarter and resulted in a U.S. upstream asset impairment charge of about $2 billion.

Exxon said the impairment charge was mainly related to dry gas operations with undeveloped acreage in the Rocky Mountains region of the United States.

Excluding the impairment charge, full year earnings were $9.9 billion compared with $16.2 billion a year earlier.

Exxon said the earnings decline was tied to lower commodity prices and refining margins.

Fourth quarter earnings fell 40 percent year-over-year to $1.68 billion, including the impairment charge recorded during the period.

Excluding the impairment charge, Exxon earned $3.7 billion for the fourth quarter of 2016 compared to $2.8 billion in the prior-year quarter.

Exxon said that the earnings bump was tied to higher liquids realizations partly offset by weaker refining margins.

Fourth quarter upstream earnings fell to a loss of $642 million in the fourth quarter of 2016, including an impairment charge of $2 billion.

Excluding the impairment charge, fourth quarter earnings were $1.4 billion, a $528 million  improvement from the fourth quarter of 2015.

U.S. upstream earnings were a loss of $2.3 billion in the fourth quarter of 2016, including an impairment charge of $2 billion.

Excluding the impairment charge, earnings were a loss of $301 million, an improvement of $237 million from the prior-year quarter.

Non-U.S. upstream earnings were $1.7 billion for the fourth quarter, up $291 million from the year-ago quarter.

Fourth quarter downstream earnings were $1.2 billion, down $110 million from the fourth quarter of 2015.

U.S. downstream earnings were $270 million for the fourth quarter, down $165 million from the fourth quarter of 2015.

Fourth quarter non-U.S. downstream earnings were $971 million, a $55 million improvement from the prior-year quarter.

Fourth quarter cash flow from operations and asset sales were $9.5 billion, including $2.1 billion in proceeds associated with asset sales.

Exxon said its fourth quarter cash flows and assest sale proceeds “more than covered dividends and additions to property, plant and equipment.”

Capital and exploration expenditures for the fourth quarter dipped 35 percent year-over-year to $4.8 billion.

Exxon produced 4.1 million oil-equivalent barrels per day during the fourth quarter, with liquids production  down 3.9 percent and natural gas down 1.7 percent from the prior year.

Cash flow from operations and asset sales were $26.4 billion for the full year, including proceeds associated with asset sales of $4.3 billion.

Full-year upstream earnings were $196 million, including the $2 billion impairment charge.

Excluding the impairment charge, full year 2016 earnings were $2.2 billion, a $4.9 billion decline from 2015.

Full-year U.S. upstream earnings fell to a loss of $4.2 billion in 2016, including the $2 billion impairment charge.

Excluding the impairment charge, full year U.S. upstream earnings were a loss of $2.1 billion compared to a loss of $1.1 billion in 2015.

Full-year upstream earnings outside the U.S. were $4.3 billion, a $3.8 billion decline from the prior year.

Full-year downstream earnings were $4.2 billion, down $2.4 billion from 2015.

U.S. downstream earnings were $1.1 billion for the full year 2016, a decrease of $807 million from 2015.

Full-year non-U.S. downstream earnings were $3.1 billion, a $1.5 billion decline from 2015 earnings.

Full-year 2016 capital and exploration expenditures were $19.3 billion, down 38 percent year-over-year.

Exxon’s oil-equivalent production was down slightly at 4.1 million oil-equivalent barrels per day for 2016, with liquids up 0.9 percent and natural gas down 3.7 percent.

“The company’s continued focus on fundamentals and our ability to leverage an attractive global portfolio through our integrated business ensures we are well positioned to generate long-term shareholder value,” Exxon CEO and chairman Darren W. Woods said.