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Exxon Mobil Earnings Dip in Q3, Solidly Top Wall Street Forecasts

Nov. 1, 2012
Energy giant’s net income drops 7% to $9.6 billion.

U.S. energy giant Exxon Mobil (IW 500/1) reported Thursday a smaller-than-expected dip in profit for the third quarter on falling production and sales.

Net income for the July-September quarter dropped 7% from a year earlier to $9.6 billion, Exxon Mobil said.

Earnings of $2.09 per share were down 2% from the 2011 third quarter, solidly topping Wall Street forecasts of $1.96.

Revenue fell 7.7% to $115.7 billion as oil equivalent production declined 7.5% in the quarter, the Irving, Texas-based company said.

Exxon Mobil increased capital and exploration spending by 7% to $9.2 billion, the bulk of it outside the United States.

The quarter included a $5.1 billion share buyback.

"Third-quarter results reflect our ongoing commitment to help deliver the energy needed to underpin economic recovery and growth while maintaining our strong focus on safety and environmental performance," said Chairman Rex Tillerson.

Copyright Agence France-Presse, 2012

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