Exxon and Chevron Report Sluggish Profits

Key TakeawaysExxon Mobil and Chevron saw significant declines in profit margins for refined products.Consumers benefited as fuel prices, which typically rise in summer, dropped this year.As a result, earnings for both oil and gas conglomerates fell during the third quarter from the same period a year ago. Oil-and-gas giants Exxon Mobil (XOM) and Chevron (CVX) surpassed subdued third-quarter earnings expectations Friday. But substantially weaker profit margins for refined products, reflecting lower summer fu ...