Exxon Mobil, the world’s largest publicly traded oil producer, reported a sharp profit drop after being hit by low oil prices and tough market conditions.

The company reported a $1.8 billion profit, a sharp decline from $4.94 billion in the same period last year and its lowest quarterly profit since 1999.

However, the results remained better than expected by analysts, with CEO Rex Tillerson attributing this to the company’s large size and cash flow. He said:

“The organization continues to respond effectively to challenging industry conditions.”

Exxon Mobil’s share price is reflecting the positive earnings, up 1.12 percent at 89.02 (1519GMT)