Exxon Mobil Corp on Friday reported a 56% slump in second-quarter profit, missing Wall Street bets and joining rivals hurt by a sharp drop in energy prices and lower fuel margins.
Shares of Exxon and Chevron were down less than 1% in pre-market trading in the absence of positive surprises.
Yet excluding last year's record second quarter, Exxon posted its strongest result for the months of April to June in more than a decade, helped by cost cuts and the sale of less profitable assets. "Lower natural gas realizations and industry refining margins adversely impacted earnings," Exxon said in its earnings statement.
Exxon's oil production stands at 3.7 million barrels of oil equivalent per day year to date, in line with the company's annual target, Mikells said.
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