(MENAFN) US oil giant ExxonMobil announced logging a drop of its earnings in the second-quarter period of more than 50 percent, following the sharp decline in crude oil prices.
The company reported earnings of USD4.2 billion with a drop of 52.3 percent in the quarter, the weakest quarterly figure since 2009. Revenue declined 33.4 percent to USD74.1 billion.
The results reflected the impact of a big drop in oil prices in the April-June period to a range of about USD45-USD60 per barrel, compared to over USD90 a barrel for the same period a year ago.
Earnings in the upstream business dived about 75 percent to USD2 billion. However, a bright spot in this business was an increase in upstream output of 3.6 percent to 2.3 million barrels a day.
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