Exxon Mobil’s second-quarter results expected to sag, spotlighting need for asset sales

Exxon Mobil Corp’s (XOM.N) plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals.

On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a year earlier, according to data provider Refinitiv. With little cash from asset sales and a third straight quarter of weaker year-over-year earnings, Exxon cannot resume share buybacks sought by investors this year, said analysts.

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