Exxon's profit down 18 percent, refining hurts

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ExxonMobil, the world's largest publicly traded oil company, on Thursday reported an 18 percent decrease in quarterly profit on weak refining margins.

After the earnings announcement, the world's largest oil and gas company saw its shares little changed in pre-market trading.

Profit in the third quarter was $7.87 billion, or $1.79 per share, compared with $9.57 billion, or $2.09 per share, in the same period a year earlier.

Analysts had expected Exxon to report earnings per share of $1.77 per share on $107.39 billion in revenue, according to a consensus estimate from Thomson Reuters.

Oil and natural gas output in the quarter rose 1.5 percent from a year earlier, the Irving, Texas, company said.

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