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ExxonMobil’s net profit misses estimates in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 01/08/2016 (14:11)
According to media reports, ExxonMobil Corp’s net profit in the second quarter plunged around 59% year over year to $1.7 billion, or 41 cents per share, from $4.19 billion, $1 per share, a year earlier. Analysts’ expected the company’s earnings to fall to 64 cents per share in a survey conducted by Thomson Reuters. The recent figures showed that the company’s net income has missed the expectations for the first time since the second quarter of 2015.

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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