Exxon Mobil profits at lowest since 2010

Exxon sign The company last posted earnings of less than $7bn in the first quarter of 2010.

US oil giant Exxon Mobil has reported its lowest quarterly profit in more than three years, as net income fell by 57% compared with the year before.

Exxon said weaker refining margins and volumes "associated with planned refinery turnaround and maintenance" affected earnings.

It earned $6.9bn (£4.5bn) in the second quarter, down from $15.9bn in 2012.

Chairman Rex Tillerson said the figures showed "continued strong operational performance and investments".

Shares in Exxon Mobil fell by $1.65, or 2%, to $92.08 after the results were published.

Exxon had been boosted in the second quarter last year by the sale of a Japanese lubricants division and other assets. Taking away those gains, Exxon's net income fell this year by 19%.

The company last posted earnings of less than $7bn in the first quarter of 2010.

Exxon said production of oil and gas fell by 1.9% in the quarter, making it the ninth consecutive quarter that production had fallen compared with a year earlier.

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