Exxon Mobil quarterly profit drops by $1.59 billion

Exxon Mobil Corp, the world's largest publicly traded oil company, said on Friday its quarterly profit fell by $1.59 billion due to declining crude prices and refining margins.

The company reported third-quarter net income of $2.65 billion, or 63 cents per share, compared with $4.24 billion, or $1.01 per share, a year earlier.

Production fell about 3% to 3.8 million barrels of oil equivalent production per day.