HOUSTON (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil company, on Friday reported a 38 percent drop in quarterly profit that still beat Wall Street's expectations as cost cuts partly offset declining crude oil prices.
Shares of Exxon were down 1.9 percent at $85.30 in afternoon trading.
The company reported third-quarter net income of $2.65 billion, or 63 cents per share, compared with $4.24 billion, or $1.01 per share, a year earlier.
Analysts on average expected a profit of 58 cents per share, according to Thomson Reuters I/B/E/S.
- PHOTOS: A look back at Queen performing in the 1970s and 1980s 22 Pictures
- All of these celebrities have had their nudes leaked 35 Pictures
Earnings fell in all of the company's divisions, including the refining arm, which has generally bolstered profits when oil prices are low.
Production fell about 3 percent to 3.8 million barrels of oil equivalent per day.
Exxon's refineries processed about 2 percent less crude oil during the quarter than it did a year earlier.
(Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)