Lower oil prices hit Exxon profit
Exxon Mobil, the world’s largest oil company, has become the latest oil major to report a steep drop in quarterly profits.
The company said net profit for the three months to September dropped 68% to $4.73bn, from a year earlier.
That was below what analysts had been expecting, sending shares slightly lower in New York.
Royal Dutch Shell and BP both reported declines in third-quarter profits, but beat analysts’ expectations.
Italy’s Eni also said its earnings plunged 58%.
Oil companies worldwide have been hit by the drop in oil prices.
Global crude prices hit a record $147 a barrel last year, but have now dropped down to near $80 a barrel.
Exxon said revenue fell to $82.26bn from $137.7bn a year ago.
Chevron, the second-largest US oil company, will report its third-quarter results on Friday.
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