Exxon Mobil profit tops Street in 3rd quarter, helped by Pioneer Natural acquisition

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Exxon Mobil's third-quarter profit beat analysts' expectations, as the oil and gas giant was helped by contributions from Pioneer Natural Resources, a recent acquisition. Exxon earned $8.6 billion, or $1.92 per share, for the three months ended Sept.

Exxon Mobil's third-quarter profit beat analysts' expectations, as the oil and gas giant was helped by contributions from Pioneer Natural Resources, a recent acquisition.

The performance topped Wall Street's expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.91 per share.Revenue totaled $90.02 billion, falling short of Wall Street's estimate of $93.51 billion.

Oil prices have been falling recently after a retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world’s seventh largest producer of crude. The long-term expectation is for oil prices to move lower, not higher. That’s because the balance between supply and demand has tilted toward supply, a dynamic that typically deflates oil prices.

 

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