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Exxon Mobil profits at lowest since 2010 Exxon Mobil profits at lowest since 2010
(1 day later)
US oil giant Exxon Mobil has reported its lowest quarterly profit in more than three years, as net income fell by 57% compared to the year before. US oil giant Exxon Mobil has reported its lowest quarterly profit in more than three years, as net income fell by 57% compared with the year before.
Exxon said weaker refining margins and volumes "associated with planned refinery turnaround and maintenance" affected earnings.Exxon said weaker refining margins and volumes "associated with planned refinery turnaround and maintenance" affected earnings.
It earned $6.9bn (34.5bn) in the second quarter, down from $15.9bn in 2012. It earned $6.9bn (£4.5bn) in the second quarter, down from $15.9bn in 2012.
Chairman Rex Tillerson said the figures showed "continued strong operational performance and investments".Chairman Rex Tillerson said the figures showed "continued strong operational performance and investments".
Shares in Exxon Mobil fell by $1.65, or 2%, to $92.08 after the results were published.Shares in Exxon Mobil fell by $1.65, or 2%, to $92.08 after the results were published.
Exxon had been boosted in the second quarter last year by the sale of a Japanese lubricants division and other assets. Taking away those gains, Exxon's net income fell this year by 19%. Exxon had been boosted in the second quarter last year by the sale of a Japanese lubricants division and other assets. Taking away those gains, Exxon's net income fell this year by 19%.
The company last posted earnings of less than $7bn the first quarter of 2010. The company last posted earnings of less than $7bn in the first quarter of 2010.
Exxon said production of oil and gas fell by 1.9% in the quarter, making it the ninth straight quarter production had fallen compared with the year earlier. Exxon said production of oil and gas fell by 1.9% in the quarter, making it the ninth consecutive quarter that production had fallen compared with a year earlier.