Shares of ExxonMobil rose as much as 1.81% to $89 per share in premarket trading after this morning’s earnings report

Exxon Mobil released its latest earnings report before opening bell this morning, posting diluted earnings of $1.56 per share, an 18% decline, or $6.6 billion, a 21% year over year decline. Revenue for the quarter was $87.3 billion. Analysts had been expecting earnings of $1.36 per share on $87.43 billion in revenue. In last year’s fourth quarter, the oil giant posted earnings of $1.91 per share or $8.4 billion on $110.86 billion in revenue.

Exxon Mobil

Key metrics from Exxon  Mobil’s earnings report

Just as with other oil companies’ earnings reports, ExxonMobil management cited falling upstream commodity prices. They also said higher maintenance costs in the downstream business affected earnings. Improvements in margins in the company’s chemical segment partially offset these declines.

Earnings from Exxon Mobil’s upstream segment fell by $1.3 billion to $5.5 billion as a reduction in liquids realization dragged on the results. Liquids production fell by 53,000 barrels per day to 2.2 million barrel. Natural gas production fell by 653 million cubic feet per day to 11.2 billion cubic feet due to lower demand and field declines.

The company’s upstream earnings rose by $419 million to $497 million for the quarter. Earnings from the chemical business rose $317 million to $1.2 billion.

The oil giant posted full year earnings of $32.5 billion, compared to $32.6 billion in 2013. Earnings per share for the full year rose 3% to $7.60.

Updates on Exxon Mobil’s business

Exxon Mobil also reported that it completed eight big upstream projects in 2014, a new record. Those projects include the liquefied natural gas project in Papua New Guinea. Also the company met its full year target of producing 4 million barrels of oil equivalent each day.

The oil giant’s capital expenditures and exploration costs increased 5% year over year to $10.5 billion for the fourth quarter. Oil production fell 3.8% year over year. For the full year, ExxonMobil spent $38.5 billion in capital expenditures, a 9% decline.