Money | Exxon Mobil Exxon Mobil Profits Plunge Biggest quarterly profit drop in three years, based on narrowing margins By Sam Gale Rosen Posted Nov 1, 2007 9:08 AM CDT Copied Rex Tillerson, chairman and CEO of Exxon Mobil, addresses the Spruce Meadows Roundtable, in Calgary, Canada, Friday, Sept. 7, 2007. (AP Photo/CP, Jeff McIntosh) (Associated Press) Exxon Mobil profits plunged in the third quarter by the most since the first three months of 2004, when oil was $35 a barrel. The behemoth's quarterly report, released today, sent Exxon shares diving. The drop was caused by equipment and power failures, as well as a narrowing profit margin due to falling retail gas prices and rising crude prices, reports Bloomberg. Retail gas prices fell 6% in the third quarter, while crude prices rose above $80 a barrel, squeezing the oil giant. Two-thirds of analysts Bloomberg surveyed say that Exxon's four-year run of record annual earnings is likely at an end. Exxon's "been posting record results so you had to expect they would come off a little bit,'' said one analyst. Read These Next Rubio says the fate of Iran's conversion facility is what matters. Her blood isn't compatible with anyone else's. Some of the most explosive Diddy allegations are dropped. NJ lifeguard survives after being impaled by an umbrella. Report an error