ExxonMobil suffers 38% profit reduction as it struggles with falling oil prices

ExxonMobil followed rivals Chevron on Friday by reporting a huge quarterly loss as oil corporations struggle to deal with the falling price of the commodity.

The Texas-based energy company reported net income of $2.7bn, down 38% from the corresponding period last year.

Revenue also fell in Exxon's third quarter, as it reported a 12.9% decline to $58.7bn.

The world's largest publicly traded oil company's Q3 results were broadly similar to those of its main competitor, as Exxon also exceeded analyst expectations for the quarter despite the fall in revenue and net income.

Average estimates from analysts were for profits of 58 cents per share, while it reached 63 cents per share.

The company also saw a fall in production levels to 3.8m barrels per day, a reduction of 3%.

Despite the large profit reduction, chief executive Rex Tillerson remained upbeat on the company's long-term prospects as oil edges higher.

"While the operating environment remains challenging, the company continues to focus on capturing efficiencies, advancing strategic investments and creating long-term shareholder value," Tillerson said in a statement.