Exxon Mobil’s second-quarter profit nearly doubled but missed expectations as a prolonged downward swing for oil prices constricted the company’s momentum.
Exxon reported a $3.35 billion profit for the quarter, up 97% from a year ago, as it slashed spending to compensate for oil’s plunge below $50 per barrel.
But that performance fell short of S&P Global Market Intelligence estimates of $3.7 billion, leading investors to sell Exxon shares on Friday morning.
