Exxon Mobil's Stock Rises After Profit, Sales Fall Less Than Expected

By MarketWatch Pulse

Exxon Mobil Corp.'s stock climbed 1.1% in premarket trade Friday, after the oil giant reported third-quarter profit and sales that fell much less than expected. Earnings for the latest quarter declined to $4.24 billion, or $1.01 a share, from $8.07 billion, or $1.89 a share, in the same period a year ago, but beat the FactSet consensus of 89 cents. Revenue dropped to $67.34 billion from $107.13 billion, but was above the FactSet consensus of $61.7 billion. Upstream production increased 2.3%, as new developments in Canada, Indonesia, Angola, Nigeria and the U.S. led to a 13% jump in liquid volume production. "We maintain a relentless focus on business fundamentals, including cost management, regardless of commodity prices," said Chief Executive Rex Tillerson. "Quarterly results reflect the continued strength of our Downstream and Chemical businesses and underscore the benefits of our integrated business model." The stock has slumped 11% year to date through Thursday, while the Dow Jones Industrial Average has slipped 0.4%.

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