Mobil Announces 4Q Operating Earnings of $499 Million

Mobil Corporation reported fourth quarter 1998 estimated operating earnings of $499 million. This is a decrease of $310 million, or 38 percent, from the $809 million earned in the same period in the previous year. Chairman and CEO Lucio A. Noto said, "In the Upstream, earnings were adversely impacted by significantly lower worldwide crude oil and natural gas prices. Crude oil prices were off by about $6.50 per barrel, while natural gas fell by approximately $0.50 per thousand cubic ft." Total capital and exploration spending in 1999 is estimated to be $4.8 billion, down about 11 percent from the estimated 1998 spending level of $5.5 billion. The program seeks to balance projects which will provide short-term earnings and cash flow with those that will support profitable long-term growth.