N Mobil, the world’s largest publicly traded oil company, reported a quarterly profit yesterday that topped expectations, as higher margins from its refining arm countered a 7.5 per cent decline in oil and gas output.
Exxon and other global oil producers are buying oil and gas assets in North America as they struggle to raise production in a sector where vast energy resources are tightly controlled by countries like Brazil. The company’s third-quarter earnings fell to $9.57bn (£5.9bn), or $2.09 per share, from $10.33bn, or $2.13 per share, a year earlier. Analysts had expected a profit of $1.95 per share. Revenue fell eight per cent to $115.7bn.