Oil's decline slows Exxon, Chevron profit growth: strong balance sheets have oil giants eager to pursue new production initiatives despite deep recession

Exxon Mobil Corp. reports a 33% fourth-quarter net profit drop to $7.82 billion, and a drop in liquidity to $5.3 billion from $31.4 billion. Exxon will reduce capital expenditures for the first quarter of 2009 to $7 billion from $8 billion a year earlier. In related news, Chevron Corp. reports a 0.4% fourth-quarter profit increase to $4.9 billion. The company plans to cut costs by suspending its share buyback program.