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Exxon Mobil Profit Tops $10 Billion on Crude Oil Price Surge

Exxon Mobil Corp., the world’s largest company by market value, said net income exceeded $10 billion for a third consecutive quarter as rallying crude prices more than made up for the biggest production decline in three years.

Oil and natural-gas production fell 3.8 percent to the equivalent of 4.28 million barrels of crude a day, the largest decline since the third quarter of 2008, according to Bloomberg data. The drop was smaller than the double-digit production shortfalls reported earlier this week by rivals such as BP Plc, ConocoPhillips and Hess Corp.