Several Big Oil Companies Report Gains
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Fairfax, Va.-based Mobil, the No. 2 oil company, said its profit fell 2%.
“Third-quarter results were disappointing due to unfavorable market conditions in many of the businesses where we have a substantial presence,” Chairman Lucio A. Noto said, adding that the company was hurt by unexpected refinery outages.
Mobil earned $769 million, or $1.92 per share, for the quarter ended Sept. 30. That compares with $786 million, or $1.95, earned in the 1995 quarter.
The earnings fell slightly short of Wall Street estimates and the company’s stock fell $1 to close at $119.875 on the NYSE.
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