ExxonMobil reported a big drop in third-quarter earnings today due to lower crude oil prices and weaker returns in its refining business.
Net income was $2.7 billion, down 37.5% from the same time last year as the two-year oil slump again weighed on results. Revenues fell 12.9% to $58.7 billion.
Earnings fell sharply in both Exxon's upstream division, which explores for and produces crude oil and natural gas, and its downstream division, which processes crude into petrol and other petroleum products.
Exxon, the world's largest publicly traded oil company, also notched a modest decline in chemical earnings.
"While the operating environment remains challenging, the company continues to focus on capturing efficiencies, advancing strategic investments and creating long-term shareholder value," chief executive Rex Tillerson said.
Oil company earnings have been under pressure since oil prices began retreating in 2014.
Oil prices have stabilised in recent months, but the benefits have yet to materialise in industry earnings.
Exxon's results translated into 63 cents per share, five cents above analyst expectations.
