Exxon Mobil Corp, (NYSE:XOM) the world's largest publicly traded oil company, on Friday reported a better-than-expected 3 percent increase in quarterly profit on higher results in its refining and chemicals businesses.
Continue Reading Below
Share rose nearly 1.4 percent to $95.75 in premarket trading.
"Exxon Mobil's quarterly results demonstrate the strength of our integrated business model," Chief Executive Officer Rex Tillerson said in a statement.
Integration across the company's exploration and production, refining and chemicals businesses provides a competitive advantage regardless of market fluctuations, said Tillerson.
Profit in the third quarter rose to $8.07 billion, or $1.89 per share, from $7.87 billion, or $1.79 per share in the year-ago period.
Analyst, on average, expected a profit of $1.71 per share, according to Thomson Reuters I/B/E/S.
Oil and gas production fell 4.7 percent, the Irving, Texas company said. Exxon said it remained on track for full-year output of 4 million barrels oil equivalent per day (boed).
Profit in its refining business soared to $1.024 billion from $592 million a year earlier. Exxon's chemicals unit had a profit of $1.2 billion, up 17 percent from a year earlier.
Earnings in Exxon's exploration and production business fell 4.4 percent to $6.4 billion as lower crude oil prices took a toll. (Reporting by Anna Driver in Houston; Editing by Jeffrey Benkoe)