HOUSTON – Exxon Mobil Corp XOM.Non Friday reported a 56% slump in second-quarter profit, joining rivals hurt by a sharp drop in energy prices but delivering results in line with an earnings previewthe oil major released earlier this month.
Second-quarter results from oil majors have tumbled from huge profits booked a year ago after Russia’s invasion of Ukraine sent oil and gas prices soaring.
Chevron Corp CVX.N, Shell SHEL.L and TotalEnergies TTEF.PA have reported profit falls of 48%, 56% and 49%, respectively.
Net income was $7.88 billion, or 1.94 cents per share versus a record $17.85 billion a year earlier.
Yet excluding last year’s record second quarter, Exxon posted its strongest result for the months of April to June in more than a decade, helped by cost cuts and the sale of less profitable assets.
“That is quite a good quarter for us,” Chief Financial Officer Kathryn Mikells told Reuters. “You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter.”
Exxon shares were down 0.78% in pre-market trade.
Benchmark Brent crude prices averaged $80 a barrel, down from $110 a year earlier. Prices for liquefied natural gas (LNG) fell to $11.75 per million British thermal units (mmBtu) from around $33.
