It’s oil wet at Exxon
Remember when Exxon Mobil was posting record-breaking profits? Well, fuhgeddaboudit.
The oil giant yesterday reported a 68 percent drop in third-quarter earnings, reduced its 2009 capital spending outlook and said its annual production will be unchanged from last year’s levels.
Year-to-date earnings of $13.37 billion, for example, don’t even top its third-quarter profits of 2008, when Exxon reported record profits of $13.38 billion.
Shares edged up 12 cents to $73.96 in New York trading; year-to-date, the stock is down 7.4 percent.
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