Exxon Mobil reported Thursday morning that second quarter earnings climbed 28%.
But Exxon’s stock was hammered after the earnings release because of a fall in oil production during the quarter.
Exxon Mobil is the biggest oil company in the United States..
It reported $111.6 billion in second quarter revenue, a 4.6% increase over the same quarter last year.
Exxon reported a second quarter profit of $8.8 billion — almost 30% more than the $6.9 billion profit it report for the same quarter in 2013.
Exxon said it paid shareholders $11.7 billion in dividends and share buybacks during the first half of 2014.
The dividend for the third quarter will stay at 69 cents per-share, it said.
Exxon said its oil-equivalent production dropped 5.7% compared to production in the same time in 2013.
An Abu Dhabi onshore concession expired during the period, accounting for more than half the production drop.
Exxon produced 3.84 million barrels of oil and gas per day during the second quarter, down from the 4.15 million barrels produced during the same quarter last year.
Exxon’s stock price on the New York Stock Exchange was down about 2.5% late Thursday morning, pulling down the broader market.