Exxon Mobil's profits fell 49% in the third quarter as the company was hurt by lower prices for crude oil and natural gas.
Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas.
"We feel really good about the volume growth that we see out there," said Neil Hansen, vice president of investor relations, on a conference call with investors."The resource continues to respond very well." Exxon earned 75 cents per share, down 49% from a year ago, which beat expectations of analysts polled by FactSet, who were expecting 69 cents per share. Its profits were helped by a favorable tax-related item of about $300 million.
On the conference call, Jason Gabelman, vice president with Cowen, said there's concern in the investment community that not all of Exxon's resources will be able to be developed because of concerns about greenhouse gases,"so your ability to develop a breakthrough technology I think would go a long way.
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