Exxon Q3 earnings, revenues fall but beat expectations

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil's (XOM) Q3 earnings fell 18% Y/Y on weaker margins, mainly in refining, but results slightly beat analyst expectations.

Total revenues fell 2.4% to $112.37B, but that also came in ahead of estimates of ~$106B.

Upstream earnings, which include XOM's E&P businesses, rose 12% to $6.71B, with more than half of the gains coming from higher proceeds of oil and gas sales; oil-equivalent production rose 1.5%, with liquids production rising almost 4% while natural gas production fell 1.3%.

Downstream earnings, which include the refining and marketing operations, plunged 81% to $592M.

U.S. refining profit margins fell 43% to an average of $17.54/bbl during the quarter, the first time the average quarterly spread fell below $20 since late 2010.

Shares +0.5% premarket.