IRVING (dpa-AFX) - Oil giant Exxon Mobil Corp. (XOM) Friday reported increased profit for the third quarter, driven by higher margins and improved operations in the Downstream and Chemical businesses, partially offset by the impact of lower Upstream realizations.
Net income attributable to the company increased to $8.070 billion from $7.870 billion in the prior year. Earnings per share grew to $1.89 from $1.79. On average, 21 analysts polled by Thomson Reuters expected earnings of $1.71 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues and other income declined to $107.49 billion from $112.37 billion in the prior year. Analysts expected revenues of $105.51 billion.
Oil-equivalent production decreased 4.7 percent from last year. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 1 percent, with liquids up 0.6 percent and gas down 2.9 percent.
The company's chairman Rex Tillerson said, 'We continue to meet our perational and project development objectives. Upstream production for 2014 remains on track with previous full-year estimates of 4 million oil-equivalent barrels per day as the company adds new production from project startups.'
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