ExxonMobil Profits Fall

US oil major ExxonMobil has announced a ten percent fall in third quarter profits, blaming lower gas prices and high crude costs for the decline.

Third quarter net income was $9,410m, down ten percent from the third quarter of 2006, while a net income of $28,950m for the first nine months of 2007 was $300m lower than the "record" first nine months of 2006.

ExxonMobil says it has continued to actively invest in the third quarter, spending $5.4bn on capital and exploration projects - an increase of eight percent over 2006.

Declines from mature fields were also partly offset by increased production from projects in Africa and Russia.

By staff writer