Exxon Mobil profit sinks on weakness in natural gas, chemicals, refining

Exxon Mobil Corp (XOM.N) reported a 21% drop in quarterly profit on Friday, hit by weaker natural gas prices, lower refining profits and a loss in its U.S. chemicals business.

The largest U.S. oil producer’s net income fell to $3.13 billion, or 73 cents per share, in the second quarter, from $3.95 billion, or 92 cents per share, last year.

Analysts had expected Exxon to report earnings of 66 cents per share, according to data from Refinitiv. Analysts sharply lowered their expectations after the company disclosed weaker results last month, and had expected Exxon to earn 97 cents a share early in July.

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