Exxon Profit Tumbles on Charge; Revenue Rises

Exxon Mobil Corp. was pressured to write down down the worth of greater than $ 2 billion in U.S. property because it said sharply lower fourth-quarter income on Tuesday, an extremely rare step for the company that displays the toll low oil and fuel costs have taken on even the largest gamers within the trade.

The step follows an investigation begun via the U.S. Securities and trade fee in August over Exxon’s accounting practices and how the world’s largest publicly traded oil firm values its future oil and fuel wells, or…

WSJ.com: US industry