A company that just posted its weakest quarterly profit in almost 17 years still made $1.7 billion. The AP reports that Exxon’s earnings of $1.7 billion for the second quarter were down 59% from a year ago, while per-share income missed Wall Street expectaions.
“The energy giant cited lower prices for oil and gas and weaker margins from its refining operations,” the story reports.
Exxon Chairman and CEO Rex Tillerson said today that the results “reflect a volatile industry environment.”
“Exxon shares had climbed nearly 30 percent since late January as crude prices rallied from a deep slump,” the AP notes. “But more recently oil prices have fallen back due to high inventories and the continued sluggish global economy — this week, U.S. oil hit a three-month low, and Exxon shares lost 4 percent through Thursday’s close.”
The company’s net income was down from $1.8 billion in the first quarter, and the company’s smallest profit since it earned $1.5 billion in the third quarter of 1999.