Exxon posts sharply lower $9.1 bn profit on lower oil, gas prices

Exxon Mobil Corp on Friday posted a sharply lower $9.1 billion third-quarter profit, missing analysts’ estimates for the second quarter in a row, and off 54% from a year ago.

Earnings by the largest U.S. oil producer have benefited from higher crude oil prices compared to the previous quarter and greater demand for gasoline and diesel, but prices are well off record year-ago levels.

Shares fell about 2% in morning trade to $105.55 as per-share profit of $2.25 was 5% below analysts’ forecasts for $2.37 per share.