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Exxon quarterly profit down 23%

Exxon Mobil Corp reported a better-than-expected 23% decline in its fourth-quarter profit on Monday, as weak demand for fuel in the global economic slowdown hurt the largest US oil company's refining business.

Profit in the quarter was $6.05 billion or $1.27 per share, compared with $7.82 billion, or $1.54 per share in the same period a year earlier.

Wall Street analysts had expected a profit of $1.19 per share, according to Thomson Reuters I/B/E/S.

Exxon shares rose about 1.2% in premarket trading. (Reuters)