Exxon Mobil’s profits fall in third quarter

Exxon Mobil Corp.'s profits fell in the third quarter, reported Friday.

The Irving Awards major in Texas saw its third-quarter net profit of $ 3.11 billion, just over half of the company's reported profits in the same quarter last year.

Exxon recorded revenues of $ 66.5 billion in the third quarter from $ 677.6 billion in the same quarter last year.

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Nevertheless, energy giants exceeded Wall Street expectations. Exxon reported that it earned 75 cents per share. Analysts expected an income of 67 cents per share.

Oil equivalent production increased 3{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} in the third quarter of 2018, to 3.9 million barrels per day. Due to the growth of the Permian basin, liquid production increased by 4{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}, and natural gas production increased by 1{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}.

The production of the Permian Basin increased by 7{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} in the third quarter.

"We are making great progress in our long-term growth strategy," said Darren W. Woods, chairman and CEO of the statement.

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