UPDATE: Exxon Mobil Q3 Profit Beats Street View

Exxon Mobil XOM reported better-than-expected earnings for its third quarter. The Irving, Texas-based company reported a quarterly profit of $8.07 billion, or $1.89 per share, versus a year-ago profit of $7.87 billion, or $1.79 per share. Its revenue dropped 4.3% to $107.5 billion in the period. However, analysts were estimating a profit of $1.71 per share on revenue of $105.51 billion. The company's oil and gas production slipped 4.7% on an oil-equivalent basis in the quarter. The company's earnings in its exploration and production business slipped 4.4% to $6.42 billion, while earnings in refining and marketing jumped 73% to $1.02 billion. Profit at its chemicals unit gained 17% to $1.2 billion in the quarter. Exxon Mobil's capital and exploration expenditures shrank 6.8% to $9.84 billion in the quarter. The company's press release offered the following comment from Chief Executive Officer Rex Tillerson: "Exxon Mobil's quarterly results demonstrate the strength of our integrated business model." Exxon Mobil shares rose 1.01% to $95.40 in pre-market trading.