Exxon's 3Q profit falls 7 per cent to $9.57 billion
The ExxonMobil refinery in Torrance, Calif., is pictured. (AP / Reed Saxon)
Published Thursday, November 1, 2012 8:46AM EDT
IRVING, Texas -- Exxon Mobil says its profit fell 7 per cent in the third quarter as it produced less oil and gas and fetched lower prices.
The nation's biggest oil company says that net income totaled US$9.57 billion, down from $10.33 billion a year earlier.
That works out to $2.09 per share. Analysts expected $1.95 per share, according to FactSet.
Revenue fell 8 per cent, to $115.71 billion, still better than the $112.40 billion that analysts had forecast.
The weak global economy has lowered demand for everything from gasoline to jet fuel. Fear about future growth has undercut prices for oil and natural gas.