Exxon Mobil's Third-Quarter Profit Drops by 54% to $9.1 Billion
- 7 months ago
Exxon Mobil reported a third quarter profit of $9.1 billion, down from 54% in the same period last year. Global oil prices averaged $85.92/barrel in the third quarter, up from $77.73/barrel in the second quarter. Exxon's chemical business was hurt by higher raw material costs, dampening profits somewhat compared to strong oil/fuel prices. Exxon has acquired shale company Pioneer Natural Resources and carbon pipeline company Denbury this year as their share price traded near record highs.