Exxon’s output rises but weakness in refining hits profit

Exxon and other large oil companies struggling to boost production in recent years have spent heavily on new projects. In the first nine months of this year, Exxon alone spent $33 billion.

Thu Oct 31 2013 - 18:08

Exxon Mobil, the world's largest publicly traded oil company, has reported higher-than-expected quarterly results as output rose for the first time in more than two years, but refining weakness hurt earnings.

Exxon and other large oil companies struggling to boost production in recent years have spent heavily on new projects. In the first nine months of this year, Exxon alone spent $33 billion.

Exxon last reported a quarterly gain in production in the second quarter of 2011.

Third-quarter oil and natural gas output rose 1.5 per cent from a year earlier to 4 million barrels oil equivalent a day, helped by the start-up of new projects, the firm said. Profit in the third quarter was $7.87 billion compared with $9.57 billion a year earlier.“Weaker margins, mainly in refining, decreased earnings by $2.4 billion,” Exxon said in a statement.– (Reuters)