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ExxonMobil’s net profit down 38% in Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 31/10/2016 (14:28)
According to media reports, ExxonMobil Corp’s net profit in the third quarter fell 38% on a quarterly basis, but still beat analysts’ expectations due to cost cuts. Analysts’ average expectations called for a profit of 58 cents per share in a survey conducted by Wall Street.

It is reported that the company’s net income was at $2.65 billion, or 63 cents per share in Q3 from $4.24 billion, $1.01 per share in the same period of last year. ExxonMobil’s earnings from all of its divisions, including the refining unit, were down.

In the third quarter, the company’s output decreased around 3% to 3.8 million barrels per day (bdp). The company’s weaker financial results were attributed to lower crude oil prices.
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