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By Anna Driver
Feb 2 (Reuters) - Exxon Mobil Corp on Tuesdayreported its smallest quarterly profit in more than a decade andsaid it will cut 2016 spending by one-quarter and suspend sharerepurchases as it copes with a prolonged downturn in crudeprices.
Shares of the world's largest publicly traded oil companyfell as much as 3.6 percent on the New York Stock Exchange asthe price of crude slid 4.2 percent.
Crude oil prices have dropped about 70 percent from the 2014high over $100 barrel. Current prices at around $30 barrel havetriggered a wave of spending cuts as oil companies slashinvestment in new wells and projects to conserve cash.
"We have built this business to ensure that it is durable ina low price environment," Jeff Woodbury, Exxon's head ofinvestor relations, told analysts on a conference call.
The results were somewhat buttressed from crude's downturnby its integrated business model and long-term investmenthorizon, unlike smaller shale companies. While profit plummetedin its exploration and production business, its refining unitearned more.
Exxon forecast capital spending at around $23.2 billion thisyear, a 25 percent drop from 2015.
In another move to conserve cash, Exxon suspended its sharebuyback plan meant to return cash to investors in the firstquarter, something it hasn't done in 15 years.
Oil analyst Brian Youngberg at Edward Jones in St. Louischaracterized Exxon's report as "relatively good, especiallywhen compared with BP's terrible results." He noted that Exxon'soil and gas output was better than expected and that the companyhad improved its operations this year.
Earlier Tuesday, BP Plc reported an annual loss of$6.5 billion, its largest ever. Smaller U.S. rival Chevron Corp last Friday also reported a net loss.
Irving, Texas-based Exxon reported that fourth-quarterprofit tumbled to $2.78 billion, or 67 cents per share, from$6.57 billion, or $1.56 per share, in the same period a yearearlier. The 2015 fourth-quarter profit was the smallest sinceSeptember 2002.
Analysts, on average, expected Exxon to earn 63 cents pershare, according to Thomson Reuters I/B/E/S.
Exxon said its oil and gas output rose 4.8 percent in thefourth quarter as it pumped more crude oil.
While Exxon is scaling back on spending this year, Woodburyhighlighted some recent offshore investments, including theacquisition of 652,000 net acres offshore Newfoundland.
The stock was off 2.7 percent to $74.22 after falling as lowas $73.55.
(Reporting by Anna Driver in Houston; Editing by JeffreyBenkoe)
