Exxon Mobil Corp. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 27, 2016. U.S. stocks edged higher, with the S&P 500 on course for its biggest weekly advance since March, while investors awaited remarks from Federal Reserve Chair Janet Yellen for hints on the timing of the next interest-rate increase. Photographer: Michael Nagle/Bloomberg via Getty Images
Bloomberg Bloomberg via Getty Images
By Reuters
October 28, 2016

Exxon Mobil, the world’s largest publicly traded oil company, on Friday reported a 38% drop in quarterly profit that still beat Wall Street’s expectations as cost cuts partly offset declining crude prices.

Shares of Exxon (xom) were down 1.4% at 85.73 in pre-market trading.

The company reported third-quarter net income of $2.65 billion, or 63 cents per share, compared with $4.24 billion, or $1.01 per share, a year earlier.

Analysts on average expected a profit of 58 cents per share, according to Thomson Reuters I/B/E/S.

Earnings fell in all of the company’s divisions, including the refining arm, which has generally bolstered profits when oil prices are low.

Production fell about 3 percent to 3.8 million barrels of oil equivalent per day.

Exxon’s refineries processed about 2% less crude oil during the quarter than it did a year earlier.

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