Rochester, NY 7/30/2009 10:17:08 PM
Exxon Mobil cp, XOM - Profit Freefalls in 2nd Quarter
EXXON MOBIL CP
EXXON MOBIL CP, XOM
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Exxon Mobil reported a 66% tumble in its second-quarter profit, missing Wall Street estimates along the way. In what's becoming a recognizable refrain among oil majors, Exxon blamed the performance on declining commodity prices coupled with slumping demand and thinning refining margins.
The world's biggest oil company said sales fell by nearly half to $74.5 billion from $138.1 billion in the year-earlier period. Profit slipped to $3.95 billion, or 81 cents a share, in the second quarter as earnings in its three major segments -- upstream, downstream and chemicals -- fell off sharply. Excluding certain items, Exxon Mobil said it would have earned an adjusted 84 cents a share.
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