Exxon Beats Estimates as Refining Profit Doubles Amid Oil Slide

Exxon Mobil Corp. posted higher-than-expected profit as soaring margins on processing oil into fuels blunted the impact of collapsing crude markets.

Third-quarter net income fell to $4.24 billion, or $1.01 a share, from $8.07 billion, or $1.89, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. Per-share profit was 13 cents higher than the 88-cent average of 21 analysts’ estimates collected by Bloomberg, the sixth time in seven quarters that Exxon surpassed expectations.

Profit at the company’s refineries doubled to $2.03 billion, led by gains outside the U.S., according to the statement. The 50 percent plunge in international crude prices slashed production costs at Exxon’s plants. Brent crude futures fell to a third-quarter average of $51.30 a barrel from $103.46 a year earlier, according to data compiled by Bloomberg.

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