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Exxon shares lower as production slips

One analyst said Exxon Mobil’s results reflected a ‘mediocre quarter.’
One analyst said Exxon Mobil’s results reflected a ‘mediocre quarter.’ Gene J. Puskar/AP/File

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Oil giant Exxon Mobil Corp. reported lower-than-expected quarterly profit as it failed to offset declining production with fresh reserves. For the fourth period, Exxon posted net income of $8.35 billion, or $1.91 per share, compared with $9.95 billion, or $2.20 a year ago. Analysts expected $1.92. Total oil and natural gas production fell 1.8 percent. In a statement, chief executive Rex Tillerson said Exxon will ramp up new exploration projects over the next two years to find newer reserves.

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