ExxonMobil reported a 58 percent drop in fourth-quarter earnings as plunging oil prices dented results in the US oil giant's exploration and production business.

Earnings for the quarter came in at $2.8 billion as revenues fell 31.5 percent to $59.8 billion. Lower capital spending enabled ExxonMobil to remain profitable during a quarter in which both BP and Chevron (Swiss: CVX.SW - news) reported losses (Other OTC: UBGXF - news) .