NEW YORK: US energy giant ExxonMobil reported yesterday a smaller-than-expected dip in profit for the third quarter on falling production and sales.
Net income for the July-September quarter dropped 7 percent from a year earlier to $9.6bn, ExxonMobil Corporation said.
Earnings of $2.09 per share were down 2 percent from the 2011 third quarter, solidly topping Wall Street forecasts of $1.96.
Revenue fell 7.7 percent to $115.7bn as oil equivalent production declined 7.5 percent in the quarter, the Irving, Texas-based company said. ExxonMobil increased capital and exploration spending by 7 percent to $9.2bn, the bulk of it outside the United States. The quarter included a $5.1bn share buyback.
“Third-quarter results reflect our ongoing commitment to help deliver the energy needed to underpin economic recovery and growth while maintaining our strong focus on safety and environmental performance,” said chairman Rex Tillerson. Shares were down 0.8 percent in pre-market trading, after closing at $91.17 on Wednesday. AFP