ExxonMobil Reports 23.4% Drop In Profits On Lower Crude Prices

ExxonMobil reported a drop in second-quarter profits Friday as the hit from lower crude prices more than offset a boost from higher oil and gas production.

The petroleum giant reported profits of $7.1 billion, down 23.4 per cent from the year-ago period. Crude prices were under $65 a barrel, more than $10 less than the level in the 2024 quarter.

Revenues fell 12.4 per cent to $81.5…