CATHY BUSSEWITZ
AP Business Writer
NEW YORK (AP) — Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas.
The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year.
Total revenue was $65.05 billion, down 15% from the same time last year.
Oil prices have suffered due to a prolonged trade war between the U.S. and China, which has raised concerns about a global economic slowdown.
Natural gas prices have also been low as a glut of the fuel in the U.S. floods the market.
Despite falling prices, Exxon's oil production rose 3% to 3.9 million barrels per day, driven primarily by growth in the Permian Basin. Production in the Permian was up 72% compar
