Goldman Sachs downgraded ExxonMobil’s shares to Sell from Neutral, following another disappointing quarter. Exxon reported a drop in profits on Friday for the fourth quarter, weighed down by a deterioration in nearly every segment. Oil prices were weak, natural gas prices fell sharply, while profit margins for refining and petrochemicals also deteriorated. “There’s no doubt that 2019 was a challenging year for a number of our businesses,” Exxon CEO Darren Woods admitted to shareholders and analysts on an earnings call on January 31. “Near or at 10-year lows on price and margins for gas refining and chemicals. Fourth quarter was particularly challenging for our chemical business.” It isn’t just 10-year lows for prices. Exxon’s share price is also at its lowest point in a decade. Meanwhile, ExxonMobil is not slowing down, spending at aggressive levels as it drills in the Permian and tries to ramp up its oil discoveries […]