Exxon’s $8.4 billion in profits misses mark
A jump in Exxon Mobil’s net income couldn’t mask broader problems for America’s largest oil company.
The Irving, Texas, petroleum giant said its second-quarter net income rose 49 percent to $15.9 billion. But most of the gain came from $7.5 billion in asset sales.
Otherwise it was a challenging quarter. Exxon Mobil produced less oil and natural gas, and it sold both at lower prices. Exxon’s chemical factories also posted weak sales in Asia and Europe. Exxon’s operating profit of $8.4 billion was the lowest since the third quarter of 2010.
