ExxonMobil’s second quarter income plunges

ExxonMobil's second quarter income plunges

U.S.-based energy giant ExxonMobil reported a second quarter 2016 earnings of US$1.7 billion, a 59 percent plunge compared to the same quarter in 2015, due to lower oil and gas prices and weaker refining margins.

In terms of the first half, ExxonMobil posted a 62 percent drop to $3.5 billion from $9.1 billion reported in the first six months of 2015.

Capital and exploration expenses were reduced by 38 percent to $5.2 billion during the quarter, one of the world’s largest LNG players ExxonMobil said.

On oil-equivalent basis, the company’s production remained unchanged compared to the same quarter last year.

Liquids production totaled 2.3 million barrels per day, up 39,000 barrels per day.

However, natural gas production was 9.8 billion cubic feet per day, down 366 million cubic feet per day from 2015, a decline of 3.6 percent, including field decline and divestment impacts, ExxonMobil said.

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