ExxonMobil Corp has reported a 2.54 percent rise in profit for the quarter ended Sep. 30, 2014. The company has earned $8,070 million, or $1.89 a share in the quarter, compared with $7,870 million, or $1.79 a share for the same period last year.
Revenue during the quarter dropped 4.34 percent to $107,490 million from $112,372 million in the previous year period. Gross margin for the quarter contracted 15 basis points over the previous year period to 12.48 percent. Total expenses were 87.52 percent of quarterly revenues, up from 87.37 percent for the same period last year. That has resulted in a contraction of 15 basis points in operating margin to 12.48 percent.
Operating income for the quarter was $13,410 million, compared with $14,189 million in the previous year period.
ExxonMobil chairman Rex W. Tillerson commented, "Earnings in the period rose 3 percent from the third quarter of 2013, driven by higher margins and improved operations in the Downstream and Chemical businesses, partially offset by the impact of lower Upstream realizations. ExxonMobil's quarterly results demonstrate the strength of our integrated business model. Integration across Upstream, Downstream and Chemical gives us competitive advantages in scale, efficiency, technical and commercial capabilities, regardless of market fluctuations over the business cycle. The Corporation's cash flow from operations and asset sales through the first nine months of 2014 fully covered net investments and shareholder distributions. We continue to meet our operational and project development objectives. Upstream production for 2014 remains on track with previous full-year estimates of 4 million oil-equivalent barrels per day as the company adds new production from project startups."