Exxon Production Rises, but Profits Fall

pump-jack-848300_1280Exxon profits fell in the second quarter according to a new report, but production surged.

The company posted net income for the second quarter of $4.19 billion, down 52 percent from $8.78 billion in the second quarter of last year. It was Exxon’s lowest quarterly profit since June of 2009, when the nation was in recession and oil and gas prices had plummeted.

Exxon’s revenue for the quarter of $74.11 billion, down 33 percent from last year, was also the company’s lowest since 2009.

Lower global oil and gas prices hit all oil and gas companies hard in the quarter, reducing revenue and profit, and forcing most to reduce investment into new projects. Exxon cut its capital expenditures by 16 percent in the quarter to $8.26 billion.

Find out more at CBS Money Watch.

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