The world's largets oil company Exxon mobil reported a 66% drop in profits in the second quarter. This was, according to the company officials, due to a steep fall in oil prices in the last year. The company reported that its net income was $3.95 billion ( 81 cents a share ), a sharp fall from $11.68 billion ( $2.22 a share ), year-on-year.
Exxon isn't the only oil company affected by the global slowdown. Other big oil firms like Royal Dutch Shell, British Petroleum, Chevron and ConocoPhillips have also reported declining profits and revenues.
“Global economic conditions continue to impact the energy industry both in the volatility of commodity prices and reduced demand for products,” Rex W. Tillerson, the firm’s chairman and chief executive, mentioned in a statement.