Lower oil prices hit Exxon profit

In 2008, Exxon made the highest annual profit ever by a US company

Exxon Mobil, the world's largest oil company, has become the latest oil major to report a steep drop in quarterly profits.

The company said net profit for the three months to September dropped 68% to $4.73bn, from a year earlier.

That was below what analysts had been expecting, sending shares slightly lower in New York.

Royal Dutch Shell and BP both reported declines in third-quarter profits, but beat analysts' expectations.

Italy's Eni also said its earnings plunged 58%.

Oil companies worldwide have been hit by the drop in oil prices.

Global crude prices hit a record $147 a barrel last year, but have now dropped down to near $80 a barrel.

Exxon said revenue fell to $82.26bn from $137.7bn a year ago.

Chevron, the second-largest US oil company, will report its third-quarter results on Friday.