Colts Vs Cowboys: Kickoff at 3:25 on CBS 11 and 105.3 The Fan | Preview | Cowboys Can Clinch NFC East  | Local Picks | Pick'em To Win | Cowboys News
Pregame Show NOW on 105.3 The Fan | Listen Online


Exxon’s Q3 Profit Falls To $9.57 Billion

View Comments

From Our CBS Music Web Sites

453641528 10 Exxons Q3 Profit Falls To $9.57 BillionAdorbale Baby Animals To Put A Smile On Your Face

christmas on kluv dl Exxons Q3 Profit Falls To $9.57 BillionListen To Christmas Music

176461204 10 Exxons Q3 Profit Falls To $9.57 BillionWomen With Santa

 alt=Musicians Then And Now II

452359780 10 Exxons Q3 Profit Falls To $9.57 BillionMissing Summer?

sx Exxons Q3 Profit Falls To $9.57 Billion Victoria's Secret Fashion Show

IRVING (AP) – Exxon Mobil Corp.’s third-quarter profit fell 7 percent as it produced less oil and gas and fetched lower prices.

The nation’s biggest oil company said that net income totaled $9.57 billion, down from $10.33 billion a year earlier.

That works out to $2.09 per share. Analysts expected $1.95 per share, according to FactSet.

Revenue fell 8 percent, to $115.71 billion, still better than the $112.40 billion that analysts had forecast.

The weak global economy has lowered demand for everything from gasoline to jet fuel. Fear about future growth has undercut prices for oil and natural gas.

Exxon’s business of refining oil and selling gasoline and other products earned more, but that was offset by a big drop in the exploration-and-production end of the company. Oil and gas production fell 7.5 percent and lower prices also cut into profit.

The company spent 7 percent more on capital expenses and exploration, up to $9.18 billion.

Exxon spent $5.1 billion in the quarter to buy back 58 million shares, which boosted the value of remaining stock.

Exxon shares closed Wednesday at $91.17, up 55 cents. They have gained 6 percent this year including a gain of 7 percent in the third quarter.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments