Exxon Beats Profit Estimates as Production Hits 40-Year High

ExxonMobil (NYSE: XOM) reported on Friday third-quarter earnings above expectations as its liquids production hit a 40-year high, offsetting lower oil and gas realizations and weak refining margins. As expected, Exxon’s Q3 profit dropped from a year earlier, amid lower crude oil and natural gas prices and a weak refining sector globally. But the earnings beat the Wall Street view as production in Guyana, the Permian, and from the Pioneer assets rose. Exxon booked earnings of $8.61 billion for the third quarter, down by 5% year-over-year....