UPDATE: Exxon Mobil Q3 Profit Beats Street View
Exxon Mobil (NYSE: 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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.