Exxon quarterly profit lower, share buyback cut

(Reuters) - Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent as weak oil prices took a toll, but results topped Wall Street expectations due to tax benefits and a favorable arbitration ruling. Global oil markets are over supplied at a time when demand is waning, a situation that has caused crude prices to tumble by more than half since June. Exxon also said it will reduce its share buyback program in the first quarter by more than half to $1 billion. In the fourth quarter, Ex