US-based Exxon Mobil Corporation has reported net income of $9.41 billion for the third quarter of 2007, a 10% decrease compared to $10.49 billion in Q3 2006.

The company reported cash flow from operations and asset sales of approximately $15.8 billion, including asset sales of $700 million. Spending on capital and exploration projects was $5.4 billion.

The company’s upstream earnings were $6.3 billion, down $194 million from the third quarter of 2006, primarily reflecting lower natural gas realizations and higher operating expenses, mostly offset by higher crude oil realizations.

On an oil-equivalent basis, production decreased by 2% from the third quarter of 2006. Excluding the impact of entitlements, divestments, Organization of the Petroleum Exporting Countries (OPEC) quota effects and Venezuela, production was up 3%.

The company reported the third quarter natural gas production of 8,302mcfd (millions of cubic feet per day), up 163mcfd from 2006. Increased volume from projects in Qatar was partly offset by the impact of mature field decline. Excluding entitlement and divestment effects, natural gas production increased by 3%.

The company’s downstream earnings were $2 billion, down $737 million from the third quarter of 2006, driven by lower refining and fuels marketing margins. Petroleum product sales were 7,101 thousands of barrels per day (kbd), 201kbd lower than Q3 2006.