Exxon Mobil delivered quarterly earnings that fell short of analysts' expectations on Friday, as tumbling crude prices halved profit at the world's largest publicly traded oil company.
Exxon shares fell in premarket trading following the announcement. (Get the latest Exxon quote here.)
The world's largest publicly traded oil company reported a 52 percent slide in second-quarter profit as tumbling crude oil prices weighed on results. Crude prices in the quarter fell more than 40 percent from a year earlier, hit by growing global supplies and worries about slowing demand from China.
Exxon, based in Irving, Texas, said its profit in the quarter was $4.2 billion, or $1.00 per share, compared with $8.8 billion or $2.05 per share. Revenue fell to $74.11 billion from $111.65 billion a year ago.