Exxon Mobil Corp reported that in quarter 2, 2015 it had a 52% profit decline. Growth of profit from refining of oil and chemical production failed to compensate decline in the exploration and extraction business, which has been caused by slump of oil prices.
In quarter , 2015 profit of the refining and marketing subdivision has more than doubled – from $711 million up to $1.5 billion. Exxon has explained the growth by increase in the profit margin.
The profit of exploration and extraction business dropped by 74% to $2.03 billion and the US business of this direction has suffered losses. The company’s production increased by 3.6% up to 4 million barrels of oil equivalent a day.
The profit of chemical business increased by 48% up to $1.25 billion. Reduction of costs for raw materials contributed to the margin growth.
During quarter 2, 2015 Exxon’s profit totaled $4.19 billion, while a year earlier the company received $8.78 billion. The profit decreased by 33% to $74.11 billion.
Exxon started accumulating cash, which shows that the company does not forecast fast growth of prices. The company announced that this year it will reduce the costs and in the short-term it will buy less shares, reported http://oilru.com.
