Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing

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Exxon Mobil’s third-quarter profit declined compared with last year's unprecedented numbers, but they're up 15% compared with the previous quarter

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. It also raised its quarterly dividend.

Those lofty crude prices have fueled an Exxon shopping spree. In July, the company agreed to pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy. Then a few weeks ago, Exxon topped that deal by announcing that it would buy shale operator Pioneer Natural Resources for $60 billion.

Exxon isn't alone. Earlier this week, Chevron said it would spend more than $50 billion to acquire Hess.

Exxon Mobil Corp. earned $9.07 billion, or $2.25 per share in the period. That compares with $19.66 billion, or $4.68 per share, a year earlier.

Removing certain items, earnings were $2.27 per share.

Analysts polled by Zacks Investment Research predicted higher earnings of $2.36 per share, but Exxon does not adjust its reported results based on one-time events such as asset sales as most companies do.

Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street's estimate of $89.29 billion.

Production dipped 0.8% to 3,688 thousand oil-equivalent barrels per day.

Exxon said Friday that it delivered its best ever third-quarter global refinery throughput at 4.2 million barrels per day.

“We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent