Several Big Oil Companies Report Gains
Exxon, the biggest oil company, said profit rose 4%, slightly beating Wall Street estimates. The company said its average price for crude oil averaged $4.50 per barrel more than a year earlier. While that lifted profit in Exxon’s oil production business, its refineries had to pay more for the raw product that is turned into gasoline.
The Irving, Texas-based company said it earned $1.56 billion, or $1.25 a share, in the three months ended Sept. 30, compared with $1.5 billion, or $1.20, in the third quarter a year ago.
The earnings were 4 cents above estimates, but Exxon stock fell 37.5 cents to close at $89 on the NYSE.
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