REFILE-UPDATE 3-Exxon quarterly profit falls, output tumbles

Thu Nov 1, 2012 10:47am EDT
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* Quarterly refining profit more than doubles

* Oil and gas production down 7.5 percent

* Shares edge lower

By Anna Driver

Nov 1 (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil company, reported a quarterly profit on Thursday that topped expectations, as higher margins from its refining arm countered a 7.5 percent decline in oil and gas output.

Exxon and other global oil producers are buying oil and gas assets in North America as they struggle to raise production in a sector where vast energy resources are tightly controlled by countries like Brazil.

Earlier this month, Exxon agreed to buy Celtic Exploration Ltd for $2.64 billion. That deal will give Exxon access to some of the most promising shale oil and gas region in Western Canada.

And in September, Exxon said it planned to buy 196,000 acres in the Bakken shales in North Dakota and Montana in a $1.6 billion deal.   Continued...