ExxonMobil’s net profit misses estimates in Q2
The company’s weaker financial results were attributed to lower crude oil prices and weak refining margins. ExxonMobil’s net profit from its refining unit fell more than 60% and its profit from producing oil and gas fell about 85% to $294 million in the second quarter.
In the second quarter, ExxonMobil slashed its capital budget by 38% to $5.16 billion while cost cuts were not enough to offset low oil prices.
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