On 50% drop in upstream, Exxon's earnings plunge

Exxon Corp's 1998 fourth quarter results included revenue from exploration and production which was down 50% from 1997's fourth period. The firm's overall net for the fourth quarter 1998 was down 39%, with earnings for the full year down 25% to $6.4 billion. Strong downstream earnings helped cushion the drop for Exxon.