ExxonMobil Profit Slumps 66%

Revenues for the oil giant also fell sharply from a year ago, sliding 46% to $74.45 billion, but still beat Wall Street forecasts.

ExxonMobil said Thursday its second-quarter profit slid 66% from a year ago, reflecting a tumble in energy prices from last year's record highs, to $3.95 billion. The net earnings also reflected special charges linked to damages paid for the 1989 Exxon Valdez oil spill that despoiled the Alaskan coast. Excluding special items, the profit amounted to 81 cents a share, below analyst forecasts for a profit of $1.02 per share. Revenues also fell sharply from a year ago, sliding 46% to $74.45 billion, but were better than Wall Street forecasts of $71.29 billion. "Global economic conditions continue to impact the energy industry both in the volatility of commodity prices and reduced demand for products," said Chairman Rex Tillerson. "In spite of these challenges, ExxonMobil achieved solid results. We continued our capital investment program at near record levels while returning over $16 billion to our shareholders during the first half of the year." Copyright Agence France-Presse, 2009

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