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Exxon Mobil profit falls 18%

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Exxon Mobil profit falls 18%

Production is slightly higher, but the company is making less money at refining because of thinner profit margins.

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USATODAY 9:02 a.m. EDT October 31, 2013

AFP 521802155

An Exxon sign at a gas station in Manassas, Va.(Photo: Karen Bleier, AFP/Getty Images)

Story Highlights

  • Exxon is biggest U.S. oil and gas company

Exxon Mobil's profit is down 18% from last year, but the oil and gas giant is still making nearly $8 billion in three months.

Production is slightly higher, but the biggest U.S. oil and gas company is making less money at refining because of thinner profit margins.

Exxon Mobil said Thursday that third-quarter net income was $7.87 billion, or $1.79 per share. That compares with $9.57 billion, or $2.09 per share, a year earlier. Revenue was down 2 percent to $112.37 billion.

The results are a bit better than expectations. Analysts were forecasting profit of $1.77 per share on revenue of $107.39 billion.

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