OIL EARNINGS: Exxon Mobil Corp. posted third-quarter net income of $7.87 billion - and it was a letdown from last year. Profit fell 18 percent, although income and revenue both beat Wall Street expectations.

OIL EARNINGS: Exxon Mobil Corp. posted third-quarter net income of $7.87 billion and it was a letdown from last year. Profit fell 18 percent, although income and revenue both beat Wall Street expectations.

REFINING SLOWDOWN: Profit margins in refining have shrunk. Exxon produces oil, then refines and sells finished products such as gasoline. Profit in the refining end tumbled to $592 million, a decrease of $2.6 billion from last year's third quarter.

BUYING SHARES: Exxon spent $3 billion on buying back stock. Buybacks can make remaining shares more valuable. The company said it expects to spend another $3 billion on buybacks in the fourth quarter.