Exxon Mobil Corp's operating profits fell last quarter for the fourth conse...
FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo
Lower oil prices, weaker results in its chemical business and the lack of a tax benefit from the year-ago period combined to cut earnings to about $4 billion for the third quarter ended Sept. 30, according to a securities filing. The biggest hit to profits came from weaker oil prices. Earnings in the company’s oil and gas production unit are expected to fall about 45% from last year’s $4.23 billion in operating profit, Exxon’s data showed.
The company had warned analysts it was spending heavily to replace production and will not reach its profit goals until next year.
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