The world's largest oil company ExxonMobil
pocketed $15.9 billion in net earnings in the second quarter,
a 48 percent jump over the same period in 2011, the Texas-based
company said Thursday.
But the figure fell short of analysts' expectations, as the company struggled against stalled demand in the world's largest economies and falling prices for oil and natural gas. Sales rose 1.5 per cent to 127.4 billion dollars.
The net earnings represented in part special asset sales and tax benefits, which in effect meant profits were only 8.4 billion dollars, the company said. Profits in the same period 2011 were 10.7 billion dollars.
The oil giant pumped about 4.15 million barrels of crude a day from April to June, the lowest in two years. Exxon head Rex Tillerson referred to "global economic uncertainty" as a cause for the company's current situation.
Earlier this month, Bloomberg news agency reported that ExxonMobil was considering selling some of its 1,100 German petrol stations, possibly to a Russian or East European firm, which could generate an estimated 1 billion euros (1.2 billion dollars).
Most Popular Stories
- World Bank: Rich Countries Must Curb Emissions
- Airport Garners Social Media Award
- Social Media Campaign Increases Organ Donor Registrations
- What Will Happen When Quantitative Easing Ends?
- Immigration Reform Would Decrease U.S. Budget Deficit
- MillerCoors Taps New Hispanic Ad Agency
- Aetna Leaving California's Individual Health Insurance Market
- Conference Slated for Hispanic Tech Startups
- Tea Party Wants to 'Audit the IRS'
- Calories Count: Starbucks to Post the Numbers on Menu Boards