(MENAFN) Exxon Mobil Corp., the American multinational oil and gas corporation recorded a profit in spite of the gross revenue drop over Jul-Sept period, which hit USD4.2 billion, down from USD8 billion last year.
Additionally, the higher than estimated profit was registered as surging margins on processing oil into fuels blunted the impact of collapsing crude markets, thus its refineries profit doubled to USD2 billion.
Exxon has lost 11 percent of its market value this year, on track for the worst annual performance since 2009, not to mention that its natural gas wells lost almost USD5 million a day through the cited quarter.
Unlike some smaller, more-indebted rivals, Exxon hasn't reduced dividend payouts and has sought to conserve cash in other ways postponing the riskiest and highest-cost speculative projects.
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