Exxon Mobil’s third-quarter profit beat analysts’ expectations, as the oil and gas giant was helped by contributions from Pioneer Natural Resources, a recent acquisition.
Exxon earned $8.6 billion, or $1.92 per share, for the three months ended Sept. 30. A year earlier the Spring, Texas-based company earned $9.07 billion, or $2.25 per share.
The performance topped Wall Street’s expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.91 per share.
Revenue totaled $90.02 billion, falling short of Wall Street’s estimate of $93.51 billion.
Exxon’s net production reached 4.6 million oil-equivalent barrels per day during the third quarter, an increase of 5% compared with the previous quarter.
Oil prices have been falling recently after a retaliatory strike by Israelon Iran targeted military sites rather than the oilfields of the world’s seventh largest producer of crude. The long-term expectation is for oil prices to …