Higher oil prices lift Exxon's profit as production sags

Exxon Mobil Corp , the world's largest publicly traded oil company, reported a stronger-than-expected quarterly profit on Thursday as higher prices for its crude and natural gas offset a 6 percent drop in production. Exxon has struggled in recent quarters to replenish its reserves quickly, investing in massive new projects in Russia and Papua New Guinea that take years to develop. "Declining production is a recurring theme for Exxon Mobil," said Edward Jones analyst Brian Youngberg. "The company remains growth-challenged, and a lot of that is due to their large size." Adding to the company's challenges are Western sanctions against Russia, since Exxon is more involved in that country than any other U.S. oil company.

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