Exxon Mobil Corp, the world's largest publicly traded oil company, today reported an 18% decrease in quarterly profit on weakness in its refining business.
Profit in the third quarter was $7.87 billion, or $1.79 per share, compared with $9.57 billion, or $2.09 per share, the same time a year ago.
"Weaker margins, mainly in refining, decreased earnings by $2.4 billion," Exxon said in a statement.
Analysts on average had expected a profit of $1.77 per share, according to Thomson Reuters.
Oil and natural gas output in the quarter rose 1.5% from a year earlier, helped by the start-up of new projects and decreased maintenance, the Texas-based company said.