ExxonMobil (NYSE: XOM) reported third-quarter earnings of $15.4 billion on Oct. 30, more than doubling its profit from the prior year. Adjusted earnings reached $17.5 billion, or $4.23 per share, while free cash flow totaled $19.1 billion. Indeed, those are impressive numbers. But with ExxonMobil shares trading near record highs around $185, there's one figure from that report that would keep me from buying: $9.1 billion. That's how much adjusted profit ExxonMobil generated from its refining and fuels business. It's also a reminder of how quickly the company's earnings can change when energy markets shift.
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