Exxon Mobil misses 3Q mark

October 23, 2001 Posted: 1521 GMT

NEW YORK (CNNmoney) -- Two major oil companies reported lower third-quarter profits Tuesday as No. 1 producer Exxon Mobil Corp. missed Wall Street expectations for the period.

Exxon Mobil (XOM: up $0.22 to $41.34, Research, Estimates) earned $3.3 billion, or 48 cents a share, excluding special items, down from $4.3 billion, or 60 cents a share, a year earlier. Analysts surveyed by earnings tracker First Call had forecast earnings per share of 50 cents, with EPS forecasts ranging from 45 cents to 54 cents.

The company blamed the drop in profit on the decline in crude oil pricing, especially in the latter half of September in the wake of the terrorist attack.

"Exxon Mobil produced solid results in an adverse economic and commodity price environment," said a statement from its CEO Lee Raymond.

Profit from its oil exploration and production fell by more than a third to $2.1 billion from $3.1 billion. Although profit from refining and retail sales increased 6 percent to $942 million, that gain was more than offset by a 40 percent drop in profit from its chemical business to $156 million.

Overall company revenue fell to $53 billion from $58.9 billion a year earlier.

Including merger-related charges Exxon Mobil reported net income of $3.2 billion, or 46 cents a share, down from a record $4.5 billion, or 63 cents a share, posted a year earlier.

Sunoco Inc. (SUN: down $0.12 to $36.48, Research, Estimates), an independent oil refiner and marketer, also posted lower third-quarter earnings, although it beat Wall Street forecasts.

Sunoco earned $87 million, or $1.07 a share, excluding special items. While that beat First Call's forecast of $1.03 a share, it was down from $104 million, or $1.20 a share, a year earlier. Revenue fell to $3.5 billion from $3.7 billion a year earlier.

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