Exxon 3Q profit surges on higher energy prices
NEW YORK (AP) — Exxon Mobil Corp.'s third-quarter profit surged 57 percent, driven by higher energy prices.
The price of benchmark international crude is up about 11 percent from a year ago. That helped offset a 2 percent decline in oil production. Natural gas volumes also decreased.
The Irving, Texas-based company earned $6.24 billion, or $1.46 per share, topping Wall Street expectations.
Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
Revenue at the oil and natural gas company rose 25 percent to $76.61 billion in the period, also beating forecasts.