Exxon 2Q profit plunges 57 pct on weak refining

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Posted: Thursday, August 1, 2013 12:00 am | Updated: 5:13 pm, Tue Mar 25, 2014.

(AP) - Exxon Mobil says net income fell 57 percent in the second quarter on weaker refining results, lower production and minus a big gain in the year-ago quarter.

Exxon said Thursday that it earned $6.86 billion on revenue of $106.47 billion in the quarter. In last year's quarter, the company earned $15.9 billion on revenue of $127.36 billion.

Year-ago results were inflated by the sale of Japanese lubricants division. Removing those effects, net income fell 19 percent.

On a per-share basis Exxon earned $1.55. Analysts polled by FactSet expected Exxon to earn $1.90 per share. It was Exxon's lowest earnings per share since September of 2010

Exxon says oil and gas production fell 1.9 percent in the quarter, while refining margins slipped and output fell because refineries were undergoing maintenance.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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