ExxonMobil earnings edge up on strong refining results

(MENAFN- AFP) US energy giant ExxonMobil reported slightly higher third-quarter earnings on Friday as better results in refining and chemicals offset lower profits from exploration and production.

The largest US publicly-traded oil company, Exxon reported net income of $8.1 billion, up 2.5 percent from the same period a year ago.

Earnings from the upstream division, which finds and produces oil and gas, fell $297 million to $6.4 billion as oil-equivalent production dropped 4.7 percent from last year.

The results also reflected lower oil prices compared with a year ago.

However, lower crude prices helped Exxon's refining business, which purchases crude and processes it into gasoline and other petroleum products. Refining profits rose 73 percent to $1.0 billion.

Chemical profits increased 17 percent to $1.2 billion.

Friday's results "demonstrate the strength of our integrated business model," said chief executive Rex Tillerson.

"Integration across upstream, downstream and chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, regardless of market fluctuations over the business cycle."

The earnings translated into $1.89 per share, better than the $1.73 forecast by Wall Street analysts.

Revenues fell 4.3 percent to $107.49 billion, compared with the $105.51 billion projected by analysts.

ExxonMobil shares rose 1.7 percent to $96.09 in pre-market trade.