Exxon Mobil, the world’s largest company by market value, said net income exceeded $10 billion for a third consecutive quarter as rallying crude prices made up for the biggest production decline in three years.
Oil and natural-gas production fell 3.8 percent to the equivalent of 4.28 million barrels of crude a day, the largest decline since the third quarter of 2008, according to Bloomberg data. The drop was smaller than the double-digit production shortfalls reported earlier this week by rivals such as BP, ConocoPhillips and Hess.
Third-quarter profit rose to $10.33 billion, or $2.13 a share, from $7.35 billion, or $1.44, a year earlier, the Irving, Tex.-based company said Thursday in a Business Wire statement. The per-share result was in line with the average estimate of 19 analysts in a Bloomberg survey. Sales rose 32 percent, to $125 billion.
“These guys keep pushing the oil out and selling it like it’s going out of style,” Douglas Ober, who manages $1.6 billion at Adams Express Co. and Petroleum & Resources Corp. in Baltimore.