Exxon production drop takes shine off profits

Exxon Mobil Corp.’s third-quarter report may have topped Wall Street profit estimates, but it also has analysts worried about the company’s declining oil and natural-gas production.

Upstream production at Exxon /quotes/zigman/203975/quotes/nls/xom XOM +0.24% is hovering at its lowest level in three years. The company’s total third-quarter production fell 7.5% year-on-year, fueling speculation it could resort to a large acquisition to jump-start production.

Exxon’s profit for the quarter fell 7.4% on lower output volumes and softer oil and gas prices. The world’s largest publicly traded company reported profits of $9.57 billion, or $2.09 a share, down from $10.33 billion, or $2.13 a share, a year earlier.

Analysts polled by FactSet had expected profits of $1.95 a share.

Read Full Article from MarketWatch

- Posted: 2012-11-01 14:33:55

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