By Allison Prang

Exxon Mobil Corp.'s profit rose in the third quarter as the oil producer's revenue climbed but production fell slightly.

Net income jumped 57% from the year-earlier quarter to $6.24 billion. Earnings per share increased to $1.46, up from 93 cents a share. Analysts polled by Refinitiv were expecting $1.24 a share.

Exxon said that prices for crude and natural gas improved during the third quarter and that unconventional production in the Permian Basin grew. Referring to its downstream business, Exxon said that industry fuel margins improved.

Revenue rose 25% to $76.61 billion. Analysts polled by Refinitiv were expecting $73.55 billion.

Oil-equivalent production fell 2.4% to 3.79 million barrels a day, as natural-gas volumes declined, the company said.

(END) Dow Jones Newswires

November 02, 2018 08:37 ET (12:37 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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