HOUSTON, July 30 — Exxon Mobil Corp reported a 66 per cent drop in quarterly profit, falling short of Wall Street expectations, as natural gas and crude oil prices slid from a year ago and the global recession hurt demand for fuel.
“It looks disappointing,” said Phil Weiss, an analyst at Argus Research. “They missed on margins and production.”
Exxon, the world's largest publicly traded oil company, said second-quarter net income was US$3.95 billion (RM13.82 billion), or 81 cents per share, down from US$11.68 billion, or US$2.22 per share, a year earlier.
Earnings excluding one-time items were US$4.09 billion, or 84 cents per share. Analysts on average had expected US$1.02 per share, according to Reuters Estimates.
Revenue fell 46 per cent to US$74.46 billion.
Production fell 3 per cent from a year earlier, the Irving, Texas, company said.
Shares of Exxon were around US$69.70 in premarket trade, down from a New York Stock Exchange close of US$71.43 yesterday. – Reuters
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