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Soaring oil prices helped Exxon Mobil post a slightly higher fourth-quarter profit. But a slowdown in production and lower natural gas prices are worrying investors.

Exxon’s oil and natural gas production fell 9 percent during the quarter. The drop came even after the company spent a record $36.8 billion last year to explore for more energy. Exxon’s stock price fell $1.74, or 2 percent, to $83.75 a share in midday trade.

Exploration can take years to yield more oil and gas. Some of Exxon’s biggest investments recently have been in U.S. natural gas fields, which so far haven’t paid off because prices are at the lowest level in a decade.

Its $29 billion acquisition of XTO Energy two years ago has been a disappointment, Oppenheimer & Co. analyst Fadel Gheit said.

The deal, which overnight made Exxon America’s biggest natural gas producer, hasn’t generated the kind of profits that investors expected.

Gheit said the company needs to consider cutting production. “They don’t want to have dead wood dragging them down,” he said.

The business Exxon is best known for, oil, drove results during the quarter. In the final three months of the year, the company sold crude for 27 percent more than a year earlier.

That boosted net income to $9.4 billion, or $1.97 per share, in the fourth quarter, compared with $9.25 billion, or $1.85 per share, a year earlier. Revenue rose nearly 16 percent to $121.6 billion.

Exxon produced an average of 4.5 million barrels of oil and natural gas a day. That’s nearly twice as much as Chevron Corp., America’s second-largest petroleum company.

But the output is less than what Exxon’s wells produced the year before. That’s partly because some of fields matured and produced less. Also, many contracts in foreign countries limit the amount of oil that Exxon can keep and sell as prices rise.

Earnings in Exxon’s exploration and production business rose 18 percent thanks to higher prices.

But those same prices hurt its refining business, where income dropped 63 percent. The refineries have struggled to pass along to customers the higher cost of oil used for gasoline, diesel and other fuels. That’s because demand is slowing in many parts of the world.

Stricter rules on car and truck fuel economy are expected to keep demand low for years in the U.S. and Europe.

As result, large oil and gas companies have been shedding refining operations, especially in developed markets.

Exxon announced Sunday that it is selling its Japanese refining and marketing business to partner TonenGeneral Sekiyu K.K. for $3.9 billion following an extended slide in Japanese fuel demand. The deal is expected to close mid-year.

Exxon’s chemicals business saw profits decline 49 percent.

For the full year, Exxon’s net income rose 34.8 percent while revenue rose 26.9 percent.

Last week, Chevron Corp. said profits slipped 3.2 percent. ConocoPhillips reported a 66-percent increase in quarterly earnings, though much of that came from the sale of a pipeline and other assets. Royal Dutch Shell expects to report its financial results later this week.

Shares of Exxon Mobil Corp. fell 91 cents to $84.58 in early trading.

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Asian stocks rose Wednesday as investors stayed calm in the face of a possible debt default by Greece to search for good deals in technology shares boosted by stunning results from Apple Inc.

Japan’s Nikkei 225 index rose 1 percent to 8,870.22. South Korea’s Kospi gained 0.8 percent at 1,964.72 and Australia’s S&P ASX 200 added 1 percent to 4,268.70. Benchmarks in Singapore and New Zealand rose, while shares in the Philippines fell.

Markets in Hong Kong, mainland China and Taiwan remained closed for Chinese New Year.

Japan’s powerhouse export sector got a lift from a moderation in the yen’s strength even as the country reported its first annual trade deficit since 1980. A strong yen, which hit multiple historic highs last year against the dollar, shrinks the value of overseas earnings when repatriated and makes Japanese products less competitive.

Honda Motor Corp. rose 3.3 percent. Mitsubishi Motor Corp. jumped 4.4 percent and Sony Corp. added 3.1 percent. Tire-maker Bridgestone Corp. added 3.4 percent.

Technology stocks were elevated after Apple Inc. reported earnings that sailed past analyst estimates. Apple said late Tuesday said it sold 37 million iPhones in the last three months of 2011, vastly exceeding estimates and propelling the company to record quarterly results.

That stellar performance reverberated throughout the global tech industry. South Korea’s LG Electronics Inc business card., which ranks No. 2 globally in flat screen televisions, jumped 4.1 percent. Hynix Semiconductor Inc., the world’s second-largest memory chip maker, added 2.2 percent.

Stan Shamu of IG Markets in Melbourne said in an email that the gains in Asia suggested “investors are now starting to pay less attention” to Greece, which is struggling to reach a deal with creditors to prevent a chaotic default on its massive debts. A default could trigger a financial crisis in Europe and likely beyond.

Greece is trying to get its creditors to swap Greek government bonds for new ones that have half the face value. Greece faces an important bond repayment deadline in March.

The Dow Jones industrial average closed down 33 points at 12,676 on Tuesday. The Standard & Poor’s 500 lost a point to close at 1,315. The Nasdaq added two points to close at 2,787.

Benchmark oil for March delivery rose 35 cents to $99.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 63 cents to end at $98.95 per barrel on the Nymex on Tuesday.

In currency trading, the euro rose to $1.3026 from $1.3021 late Tuesday in New York. The dollar rose to 77.91 yen from 77.73 yen.

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The Greek government and its creditors return to the negotiating table this week to revive stalled talks on a debt swap as German Chancellor Angela Merkel places pressure on both sides to forge a deal.

Greek Finance Minister Evangelos Venizelos said two days ago that talks with the Institute of International Finance will resume on Jan. 18. The Washington-based IIF, which represents banks holding the bonds, said on Jan. 14 there is a

Italian officials have lowered the number of people still unaccounted-for in the grounding of a cruise ship off Tuscany.

Tuscany’s regional president Enrico Rossi said that there were now six crew members and 11 passengers who haven’t been located out of the 4,200-plus people who were aboard the Costa Concordia when it struck a reef and capsized Friday night.

Three people have been confirmed killed and three people were rescued more than 24 hours after the disaster: a South Korean honeymooning couple and an Italian member of the ship’s crew, who was hoisted to safety Sunday afternoon by helicopter.

The Concordia’s commander has been detained on accusations of manslaughter and abandoning the ship. He has said the reef wasn’t marked.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

GIGLIO, Italy (AP) _ An Italian prosecutor has confirmed allegations from passengers and others that the captain of the cruise ship Costa Concordia abandoned the stricken liner before all the passengers had left.

Three people are confirmed dead after the huge cruise ship carrying more than 4,200 people ran aground on Friday night.

Asked Sunday by Sky Italia TV about allegations that the captain had left the ship before the last passenger had been rescued, Grosseto prosecutor Francesco Verusio replied, “Unfortunately I must confirm that circumstance.”

The captain, Francesco Schettino, was detained for questioning for suspected manslaughter, abandoning ship before all others and causing a shipwreck.

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Ratings agency Standard & Poor’s has downgraded the government debt of France, Austria, Italy and Spain by one notch, but maintained Germany’s at the coveted ‘AAA’ level.

The cuts, which eliminated France and Austria’s triple-A status, deal a heavy blow to the currency union’s ability to fight off a worsening debt crisis.

Italy was lowered to BBB+ from A. Spain slipped to A from AA-.

The downgrades come as crucial talks on cutting Greece’s massive debt pile appeared close to collapse Friday.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

PARIS (AP) _ Ratings agency Standard & Poor’s has downgraded the government debt of France, Austria, Italy and Spain by one notch, but maintained Germany’s at the coveted ‘AAA’ level.

The cuts, which eliminated France and Austria’s triple-A status, deal a heavy blow to the currency union’s ability to fight off a worsening debt crisis.

Italy was lowered to BBB+ from A. Spain slipped to A from AA-.

The downgrades come as crucial talks on cutting Greece’s massive debt pile appeared close to collapse Friday.

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The Federal Reserve is making the most of its tools to boost the economy, and there is evidence they have worked, a top Fed official said on Tuesday.

Cleveland Federal Reserve President Sandra Pianalto, a voter this year on the central bank’s policy-setting committee, said she “will continue to weigh the costs and benefits of further policy actions.”

Pianalto, considered on the dovish wing of the Fed more concerned with bringing down high unemployment, said she expects the economy to grow around 2.5 percent this year, and about 3 percent in 2013, making for a “moderate” recovery.

Though in the past she forecast 2-percent inflation for the next two years, in her first speech of the year Pianalto said she expects inflation to dip below that level during the first half of 2012.

The Fed late in 2008 slashed interest rates to near zero and has since bought $2 payday loans guaranteed no fax.3 trillion in long-term securities to spur growth and keep the economy afloat, in response to a deep recession and financial crisis.

Recent data from employment to manufacturing to consumer credit suggest the world’s largest economy gained momentum going into 2012, though the high 8.5 percent unemployment rate, a slow housing market recovery and the European debt crisis still pose risks.

“I have supported our policy decisions, and there is evidence that they have been effective,” Pianalto said.

“While it is true that the federal funds rate has been near zero for some time, some economic policy models indicate that monetary policy should be even more accommodative than it is today,” she added.

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Service industries in the U.K. grew at the fastest pace in five months in December and strengthened in the U.S., suggesting their economies are partly withstanding the euro-area debt crisis.

A gauge of U.K. services activity based on the survey of purchasing managers (PMITSUK) rose to 54 from 52.1 in November, Markit Economics and the Chartered Institute of Purchasing and Supply said today in London. A U.S. services index rose to 52.6 in December from 52 the previous month.

The data suggest the U.K. economy strengthened in December after surveys earlier this week showed construction and manufacturing improved. Still, the euro-area crisis is clouding the outlook for the global recovery. The Bank of England said today banks may toughen loan terms because of the debt turmoil, hampering growth, while some Federal Reserve officials have said prospective economic conditions may warrant

Germany’s finance minister says he is confident that Europe’s politicians will manage to stabilize the eurozone in 2012 and keep the continent’s common currency together.

Wolfgang Schaeuble acknowledged in an interview with business daily Handelsblatt published Friday that major problems that have built up over a long time remain to be tackled in some countries.

However, he added, “I think we will be far enough along in the next 12 months that we will have banished the dangers of contagion and stabilized the eurozone.”

Asked whether he could rule out the 17-nation eurozone breaking up, Schaeuble was quoted as saying: “According to everything that I know at the moment, yes.” He insisted that Europe’s politicians “are doing everything to prevent the common currency falling apart.”

“Of course, the European Union cannot force anyone to stay in if they don’t want to belong any more,” he added. “But no such development can be seen at the moment.”

Germany, Europe’s biggest economy, is a key player in the long-running battle to stem the eurozone debt crisis. It has backed the strategy of getting governments to embark on often-savage austerity measures to reduce deficits.

But it has opposed measures such as issuing jointly backed eurobonds and argued that there is no quick fix to the crisis, expressing great skepticism about the wisdom of a major government bond-buying drive by the European Central Bank that is advocated by many as a way of forcing down struggling countries’ borrowing costs guaranteed fast personal loans.

“The talk of bazookas and the like only leads to us not tackling sustainably the causes of the crisis,” Schaeuble was quoted as saying.

The eurozone will quickly face new challenges in 2012, with both Italy and Spain needing to borrow large amounts of money early in the new year. Both countries face high borrowing costs.

Schaeuble acknowledged that Europe’s refinancing needs in early 2012 are “not trivial.”

“But the more we win back confidence on the markets, the more investors … will invest in the eurozone, and not just in German bonds,” he said. “There is no shortage of money worldwide.”

“In case of doubt, a somewhat higher interest rate has to be paid for some government bonds,” Schaeuble said. “That is not damaging per se and also can encourage the understanding that we have to tackle the actual causes of the crisis: overly high debts and a lack of competitiveness.”

Schaeuble said he sees no sign of a credit crunch in Germany. Asked about other countries, he pointed to the ECB’s moves to provide massive long-term loans to banks.

“Given the measures the ECB has taken to provide banks with liquidity, it is hard to imagine that banks would not be in a position to provide sufficient loans to business,” he said.

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The owner of the recently renamed Fontainebleau Apartments for Seniors in University City are trying to take it back to the future. Brentmoor Retirement Communities restored the complex’s original name this month, and it is renovating its older apartments and offering residents more economical rental plans.

“You’ll pay only for what you want,” said Denise Niemann, Fontainebleau’s executive director. “We came up with this concept in response to our seniors’ financial woes.”

Until this year, residents of the apartments at 1001 North Mc-Knight Road, known as Brentmoor Place before the switch, were required to buy a full independent living package that included some meals and activities fees. Monthly rental fees were at least $2,000.

Options still include transportation, housekeeping and parking, for those residents who drive. But the recession has had several residents worried that they wouldn’t be able to make their payments and might have to move, Niemann said.

The new a la carte pricing allows residents to skip the meals and other extras if they desire. Apartments at Fontainebleau now are available for as low as $1,390 a month.

When the Fontainebleau complex was built nearly 50 years ago, it was marketed as an upscale apartment building for everyone. But by the mid-1990s, nearly 90 percent of its residents were over age 70, and it was being advertised as a senior living complex for independent older people.

The property, acquired in 1996 by Brentmoor Retirement Communities, was renamed Brentmoor Place and converted to a seniors-only, limited-service retirement community business card.

By 2007, Brentmoor Place had become an all-inclusive, full-service community, providing meals, transportation and housekeeping for its residents.

Now, the a la carte pricing allows options while maintaining a social environment for residents, who are required to be at least 62 years old.

Niemann said Fontainebleau’s age gives it one distinctive advantage over many newer buildings. “This is a concrete building, so you hear almost no noise from other apartments,” she said. “It’s built like Fort Knox.”

She said that the apartment complex had been known over the years for its social programs and activities and that those would continue. “It’s brain-stimulating; it’s computer classes and trivia events, for example,” she said.

A group of men who live there organized the MOB group, short for Men of Brentmoor, several years ago. “They get out at least once a month and go to places like Crown Candy Kitchen and other St. Louis landmarks,” Niemann said.

A longtime MOB member, Mark Margolies, is a resident coordinator for group activities and helps other residents resolve any concerns. “It gives me something to do,” said Margolies, 75.

He said he has enjoyed living there. “I have no complaints,” he said. “I like the convenience of the apartments, the location and the staff.”

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Last minute shoppers gave merchants a solid lift during the final week before Christmas, according to a report from a mall trade group Wednesday.

Revenue at stores open at least a year rose 0.9 percent for the week ended Saturday compared with the previous week. That is also up 3.4 percent from the week before, according to the International Council of Shopping Centers-Goldman Sachs Weekly Chain Store Sales Index.

Revenue at stores opened at least a year for the week ended Saturday rose 4.5 percent compared with the same period a year ago. The index serves as a sales proxy to 24 major stores including Macy’s Inc. and Costco Wholesale Corp.

“The downs and ups were much more accentuated,” said Michael P. Niemira, chief economist at the council. “It just shows how cautious the consumer is. Consumers are bargain hunters more today than ever before personal loan for poor credit.”

For the week ended on Nov. 26, which included the traditional start of the holiday shopping season on the day after Thanksgiving, stores had the biggest sales surge compared with the prior week since 1993, according to the ICSC-Goldman Sachs weekly index. The cumulative two-week-sales drop-off that followed marked the biggest percentage decline since 2000. Then, during the final two weeks before Christmas, sales surged again, by the highest rate since 2005, Niemira says.

“The holiday season was good but uneven,” Niemira said.

ICSC expects that holiday sales for the November and December combined will be in line with its forecast of 3.5

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