Exxon 3Q Profit Falls 47% But Beats Expectations
Oct 30 (Reuters) - Exxon Mobil Corp said on Friday its third-quarter profit fell 47 percent hit by low crude prices, but results were better than expected, helped by higher profits in the oil company's refining business.
Crude prices have fallen more than 50 percent from last year's high over $100 a barrel. While the crude decline hurt Exxon's largest oil and gas business, it also boosted profit margins in refining by lowering feedstock costs.
"Quarterly results reflect the continued strength of our downstream and chemical businesses and underscore the benefits of our integrated business model," Exxon Chief Executive Officer Rex Tillerson said in a statement.
The Irving, Texas, company posted profit of $4.24 billion, or $1.01 per share, compared with $8.07 billion, or $1.89 per share in the same quarter a year earlier.
Analysts on average had expected a profit of 89 cents per share, according to Thomson Reuters I/B/E/S.
Refining profits nearly doubled from a year-earlier to $2 billion in the third quarter, while earnings at Exxon's exploration and production business fell $5.1 billion to $1.4 billion.
Earnings at Exxon's exploration and production business fell $5.1 billion to $1.4 billion.
Oil and gas output increased 2.3 percent from a year earlier to 3.9 million oil-equivalent barrels per day (mboed). Exxon is still on track for output totaling 4.1 mboed for the full year, Woodbury told analysts.
Shares of Exxon were up 0.8 percent at $82.90 on Friday afternoon. So far this year, the stock has fallen 10 percent.
(Reporting by Anna Driver in Houston; Editing by W Simon and Matthew Lewis)
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