The oil price drop continued to hurt Exxon Mobil Corporation (NYSE: XOM). Its Q2 results failed to meet the Street expectations.
Exxon Mobil reported earnings of $1.7 billion or $0.41 per share, compared with $4.2 billion or $1.00 a share a year earlier. The company said the results reflected sharply lower commodity prices and weaker refining margins apart from the continued strength in the Chemical segment. On a year-over-year basis, profit dipped 59.0 percent.
The oil firm's total revenues and other income dropped 22.2 percent to $57.69 billion from $74.11 billion in the previous year period. Street analysts estimated the company to report EPS of $0.64 on revenue of $60.41 billion.
Exxon's chairman and CEO, Rex Tillerson, commented, "While our financial results reflect a volatile industry environment, ExxonMobil remains focused on business fundamentals, cost discipline and advancing selective new investments across the value chain to extend our competitive advantage. The corporation benefits from scale and integration, which provide the financial flexibility to invest in attractive opportunities and grow long-term shareholder value."
Shares of the company fell $2.05 or 2.27 percent at $88.15 in pre-market trading.
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