Wednesday, July 23, 2014
Exxon's 3Q profit falls 7 percent to $9.57 billion
by Laura Matovina
IRVING, Texas (AP) -- Exxon Mobil says its profit fell 7 percent 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 $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 percent, 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.