Exxon Profits Up From Q2, Chevron Reports Q3 Misses

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We're also watching earnings from the nation's biggest oil companies. Exxon Mobil has reported a $9.1 billion profit in the third quarter. That's higher than the previous quarter, but still down 54% from its record high earnings a year ago. The company benefited from higher oil prices which averaged about $8 higher in the third quarter but also faced higher raw materials costs for its chemicals business. Exxon Mobil announced its purchase of pioneer natural resources earlier this month and its acquisition of carbon pipeline operator Denbury. This past summer, Chevron has reported lower than expected third quarter profit and missing analysts estimates by 70 cents a share. The company had warned that recent production and refining maintenance work would hurt its results. Chevron's earnings report comes days after the company announced it is buying hess in a $53 billion all stock deal. Chevron says the deal will help the company diversify and upgrade its portfolio.