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Sunday 01st of November 2009
October 30, 2009    

Exxon hit by lower oil prices

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by Kay Murchie
Exxon hit by lower oil prices

Exxon Mobil is the latest oil giant to report its third quarter profits and has announced a 68% fall in net profit to $4.73 billion, compared with $14.8 billion a year ago.

Exxon, which is the world’s largest oil company, has been hit by weaker oil prices.

Although oil prices have increased recently to around the $80 a barrel mark, prices are still way off the peak of $147 set in July 2008.

The oil giant said revenue fell to $82.26 billion compared with $137.7 billion a year earlier.

The company also said it had been hit by lower demand since Americans were using less petrol due to the weak economy.

However, the results were in line with analysts expectations and Exxon shares closed Thursday up 0.2% at $73.96.

Earlier this week, Royal Dutch Shell posted a 73% fall in profits for the July to September period. The company also announced plans to eliminate 5,000 positions.

Meanwhile, oil giant BP also announced a sharp fall in quarterly profits.

Chevron, which is the second biggest US oil company, is due to release its third quarter results later today.

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