Exxon Mobil Corp., the world’s largest publicly traded oil company, on Thursday reported a lower profit, as a 7.5-per-cent drop in oil and natural gas production and weaker commodity prices took a toll.
The Irving, Tex., company said its third-quarter earnings fell to $9.57-billion, or $2.09 per share, from $10.33-billion, or $2.13 per share, a year earlier.
Analysts on average had expected a profit of $1.95 per share, according to Thomson Reuters I/B/E/S.
Oil and gas output declined 7.5 percent to 3.96 million barrels oil equivalent (boe) per day, Exxon said.
The company said it bought back 58 million shares of its own stock in the third quarter for $5.1-billion.
Shares of Exxon edged down to $90.75 in premarket trading. On Wednesday, the stock closed at $91.17 on the New York Stock Exchange.