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ExxonMobil has joined the long list of supermajors reporting massive reductions in year-on-year second quarter profits after it announced that a 66% fall compared to 2008.
The US oil giant’s profits have slumped from US$3.95 billion to $11.7 billion compared to the corresponding period of 2008. Revenue was also down 46% to $74.5 billion.
ExxonMobil CEO Rex Tillerson blamed the current slump in demand and the oil price dropping from the high of $147 last year to around $66 today. However he remained his usual bullish self.
“Exxon Mobil achieved solid results. We continued our capital investment programme at near-record levels while returning over $16 billion to our shareholders in the first half of the year,” he said.
