Exxon Mobil profit drops 38 percent but beats estimates

HOUSTON (Reuters) – Exxon Mobil Corp <XOM.N>, 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 prices <CLc1>.
Shares of Exxon were down 1.4 percent at 85.73 in premarket 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 earl