Profits for global oil majors have dropped by about half from a bumper 2022, when Russia's invasion of Ukraine sent oil and gas prices soaring.
Excluding last year's record second quarter, however, Exxon posted its strongest result for the April-to-June quarter in more than a decade, the largest U.S. oil company said, helped by cost cuts and the sale of less profitable assets.
"You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter" excluding last year, she said.
"Exxon results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note.
It distributed about $8 billion in cash to shareholders in the second quarter, including about $3.7 billion in dividends.
Persons:
Kathryn Mikells, Biraj Borkhataria, Darren Woods, Woods, Mikells, Sabrina Valle, Sonali Paul, Jason Neely, Marguerita Choy
Organizations:
Exxon, Reuters, RBC, Chevron, Brent, Reuters Graphics Reuters, Thomson
Locations:
Ukraine, U.S, Guyana