IRVING, Texas (AP) - Exxon Mobil Corp.'s third-quarter profit fell 7 percent as it produced less oil and gas and fetched lower prices.
The nation's biggest oil company said that net income totaled $9.57 billion, down from $10.33 billion a year earlier.
That works out to $2.09 per share. Analysts expected $1.95 per share, according to FactSet.
Revenue fell 8 percent, to $115.71 billion, still better than the $112.40 billion that analysts had forecast.
The weak global economy has lowered demand for everything from gasoline to jet fuel. Fear about future growth has undercut prices for oil and natural gas .
Exxon's business of refining oil and selling gasoline and other products earned more, but that was offset by a big drop in the exploration-and-production end of the company. Oil and gas production fell 7.5 percent and lower prices also cut into profit.
The company spent 7 percent more on capital expenses and exploration, up to $9.18 billion.
Exxon spent $5.1 billion in the quarter to buy back 58 million shares, which boosted the value of remaining stock.
Exxon shares closed Thursday at $91.60, up 43 cents. They have gained 8 percent this year including a gain of 7 percent in the third quarter.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Late Saturday night into early Sunday morning, a light band of freezing drizzle traversed the I-35 corridor eastward. With sub-freezing temperatures, even the light precipitation created major problems.
A 10-year-old was killed while standing outside a vehicle after the child's family was involved in a fender bender, DPS said.
APD is responding to a 25 vehicle accident near the 5400 block of Ed Bluestein near Thurgood Ave.
A man is dead after being hit by several vehicles in the eastbound lane of Highway 71 Saturday night.
A representative at the Fayette County Sheriff's office said that Fayette County is effectively shut down due to icy conditions.
Freezing drizzle causing dangerous conditions on roadways overnight.