Exxon Mobil profit drops 38 percent but beats estimates
Reuters
Published Oct 28, 2016 10:02AM ET
Exxon Mobil profit drops 38 percent but beats estimates
HOUSTON (Reuters) - Exxon Mobil Corp (N:XOM), the world's largest publicly traded oil company, on Friday reported a 38 percent drop in quarterly profit that still beat Wall Street's expectations as cost cuts partly offset declining crude oil prices (CLc1).
Shares of Exxon were down 1.7 percent at $85.46 in morning trading.
The company reported third-quarter net income of $2.65 billion, or 63 cents per share, compared with $4.24 billion, or $1.01 per share, a year earlier.
Analysts on average expected a profit of 58 cents per share, according to Thomson Reuters I/B/E/S.
Earnings fell in all of the company's divisions, including the refining arm, which has generally bolstered profits when oil prices are low.
Production fell about 3 percent to 3.8 million barrels of oil equivalent per day.
Exxon's refineries processed about 2 percent less crude oil during the quarter than it did a year earlier.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.