Exxon Mobil Corp's third-quarter profit nearly halved, hit by lower oil pri...
HOUSTON - Exxon Mobil Corp’s third-quarter profit nearly halved, hit by lower oil prices and weaker margins in refining and chemicals, with its three major business reporting lower year-over-year profit.
It beat analysts’ recently reduced expectations for earnings of 67 cents per share. The company last month warned results would be hurt by weaker chemicals and lower oil prices, prompting analysts to reduce estimates from 86 cents per share. Exxon has been investing in major projects to boost production at a time when investors have been pressing oil companies to cut spending and increase returns to shareholders. It spent $7.7 billion in the third quarter, up from $6.6 billion the same period the year prior and higher than what analysts expected.
Its refining business earned $1.23 billion, down 25% from last year, on lower margins for its gasoline and diesel.
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