Exxon Mobil's profit is down 18 percent from last year, but the oil and gas giant is still making nearly $8 billion in three months.

Production is slightly higher, but the biggest U.S. oil and gas company is making less money at refining because of thinner profit margins.

Exxon Mobil said Thursday that third-quarter net income was $7.87 billion, or $1.79 per share. That compares with $9.57 billion, or $2.09 per share, a year earlier. Revenue was down 2 percent to $112.37 billion.

The results are a bit better than expectations. Analysts were forecasting profit of $1.77 per share on revenue of $107.39 billion.