Exxon fourth-quarter profit tops estimate, share buyback slashed in half

Shares of Exxon rose 1.2 percent to $88.46 in mid-day New York Stock Exchange trading. Investors are closely watching oil companies' responses to the collapse, which has included job cuts and reduced capital expenditure budgets. Mindful of lower oil prices, Exxon said it will slash its share buyback program in the first quarter by more than half to $1 billion. In the fourth quarter, Exxon spent $3 billion on share repurchases.