Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.
Shares of Exxon Mobil Corp. XOM, -0.91% lost 0.3% in premarket trading Friday, after the oil giant reported third-quarter profit and revenue that missed expectations as production fell, while free cash flow beat by a wide margin. Net income dropped to $9.07 billion, or $2.25 a share, from$19.66 billion, or $4.68 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.27 missed the FactSet consensus of $2.37. Total revenue dropped 19% to $90.
8% to 3,688 thousand oil-equivalent barrels per day, compared with the FactSet consensus of 3,716 koebd. Free cash flow fell to 47% to $11.68 billion, but that beat expectations of $9.11 billion. Exxon’s earnings come a couple weeks after the company announced a $59.5 billion stock deal to buy Pioneer Natural Resources Co. PXD, -0.86%, and minutes after rival Chevron Corp. CVX, -0.72% reported a third-quarter profit miss but revenue that beat expectations. Exxon’s stock has gained 2.
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