News Column

ExxonMobil Profits Take a Dive

August 1, 2013

The company earned 6.86 billion dollars on revenue of 106 billion dollars, down 57 per cent from 2012's second quarter profit of 15.9 billion dollars.

But if a net gain of 7.5 billion dollars in 2012 associated with divestments and tax-related items were excluded, profits declined only 19 per cent, the company said.

Profits were also hit by lower oil prices and refineries operating under capacity, with overall production flat.

"Weaker refining margins and volumes associated with planned refinery turnaround and maintenance activities negatively impacted downstream earnings," chairman Rex W Tillerson said.

The earnings of 1.55 per share were below market expectations. In early morning trading Thursday, ExxonMobil was trading around 2 per cent below its Wednesday closing price.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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