Exxon Mobil Corp., the largest U.S. oil company, reported a third straight drop in profit after shrinking demand for diesel, gasoline and natural gas pulled down energy prices.
Second-quarter net income fell to $3.95 billion, or 81 cents a share, from $11.7 billion, or $2.22, a year earlier, Irving, Texas-based Exxon Mobil said today in a statement.
The quarter also included an exploration failure in Brazil, tax increases in Canada and a narrowing of refining margins that may signal lower profitability on $1 billion in expansion work at Exxon Mobil plants in the U.S. and Europe. Oil futures in New York averaged less than $60 a barrel, down 52 percent from a year earlier, the biggest second-quarter drop on record.
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