ExxonMobil reported a 59 percent year-over-year earnings decline in the second quarter.
The company reported $1.7 billion in second quarter earnings, or $0.41 in earnings per common share, down from $4.19 billion in earnings in the year ago quarter.
Second quarter revenues fell to $57.69 billion from $74.11 billion in the prior year quarter.
Exxon reported Upstream earnings of $294 million for the quarter, down $1.7 billion from the second quarter of 2015.
U.S. Upstream earnings fell to a loss of $514 million in the second quarter, a $467 million decline compared to the year ago quarter.
Non-U.S. Upstream earnings were $808 million, down $1.3 billion from the prior year quarter.
The company said lower liquids and gas realizations decreased earnings by $2.2 billion during the quarter while volume and mix effects increased earnings by $50 million.
Production volumes were essentially unchanged at 4 million oil equivalent barrels per day in the quarter.
Exxon said that liquids production growth from recent start-ups “more than offset” the impact of field decline and downtime events, including downtime in Canada and Nigeria.
The company’s Downstream earnings were $825 million, down $681 million from the second quarter of 2015.
Exxon said that decline was tied to weaker refining margins that decreased earnings by $850 million in the quarter.
U.S. Downstream earnings were $412 million, flat compared with the second quarter of 2015.
Non-U.S. Downstream earnings of $413 million were $681 million lower than last year, Exxon said.
Chemical earnings fell $29 million year-over-year to $1.2 billion in the second quarter.
U.S. Chemical earnings were $509 million, a $226 million decline from the second quarter of 2015.
Exxon said that decline reflected “the absence of asset management gains.”
Non-U.S. Chemical earnings increased $197 million year-over-year to $708 million in the second quarter.
Corporate and financing expenses were $636 million for the second quarter, up from $593 million in the second quarter of 2015.
“While our financial results reflect a volatile industry environment, ExxonMobil remains focused on business fundamentals, cost discipline and advancing selective new investments across the value chain to extend our competitive advantage,” ExxonMobil chairman and chief executive Rex W. Tillerson said.