Posted on 10/29/2016 8:59:54 PM PDT by Olog-hai
Exxon Mobil Corp, the world’s largest publicly traded oil company, on Friday reported a 38 percent drop in quarterly profit that still beat Wall Street’s expectations as cost cuts partly offset declining crude oil prices.
Shares of Exxon were down 1.9 percent at $85.30 in afternoon trading.
The company reported third-quarter net income of $2.65 billion, or 63 cents per share, compared with $4.24 billion, or $1.01 per share, a year earlier.
Analysts on average expected a profit of 58 cents per share, according to Thomson Reuters I/B/E/S. …
(Excerpt) Read more at reuters.com ...
Yeah, that's what you do if you want to survive on the downside of a commodity cycle.
Anyone would think, reading "journalism," that there's never been an oil bust before.
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