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.