ExxonMobil Corp., the world’s largest publicly traded oil company, said its net income fell 50% in 2015 to 16.15 billion dollars due to the collapse of oil prices. Earnings per share, assuming dilution, came in at 3.85 dollars, down from the 7.60 dollars per share earned in 2014.

“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” said ExxonMobil chairman and CEO, Rex Tillerson. “The scale and diversity of our cash flows, along with our financial strength, provide us with the confidence to invest through the cycle to create long-term shareholder value”, he added.

ExxonMobil’s revenues plunged 35% to 268.88 billion dollars last year due to the drop in oil prices caused a glut of crude on the global market. The supermajor’s net income dropped 58% in the fourth quarter to 2.78 billion dollars, with earnings per share coming in at 0.67 dollars, down from the 1.56 dollars per share it earned in the same period in 2014.

ExxonMobil said it had cash flow from operations and asset sales of 32.7 billion dollars last year, down from the 49.2 billion dollars in cash flow it generated in 2014. The company slashed spending by 29% in the fourth quarter alone to compensate for the drop in oil prices.