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21

Exxon Mobil Q3 Profit Decreased

US oil giant Exxon Mobil has seen a 10% drop in quarterly profits

US oil giant Exxon Mobil has seen a 10% drop in quarterly profits to $9.41bn, in the three months to September, from $10.49bn in the same period last year, prompted by lower refining margins.

It is the first time since 2002 that Exxon profits have fallen for two quarters in a row.

Energy firms including ConocoPhillips and BP have also seen quarterly profits fall even as oil prices have surged.

But despite this, Exxon's overall revenue for the period hit a record at $102.3bn, an increase from $99.59bn in last year's third quarter.