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UPDATE 2-Exxon's quarterly profit falls short of Street view
Aug 1 (Reuters) - Exxon Mobil Corp on Thursday
reported a sharp fall in quarterly profit on lower oil and gas
output production and weaker earnings from its refining
business.
"I think the (earnings) shortfall was across the board,"
Brian Youngberg, oil analyst at Edward Jones in St Louis. "The
biggest miss was on the downstream, the refining margins were
well below expectations."
The world's largest publicly traded oil company reported
profit at $6.9 billion, or $1.55 per share, down 57 percent from
$15.9 billion, or $3.41 per share in the same period a year
earlier.
Analysts on average had forecast a profit of $1.90 per
share, according to Thomson Reuters I/B/E/S.
Oil and natural gas production fell 1.9 percent.
Profit in Exxon's refining business was $396 million, down
sharply from $6.6 billion in the 2012 second quarter. Year-ago
results included a $5.3 billion gain related to restructuring in
Japan, but weaker margins and maintenance also weighed on
results, Exxon said.
Shares of Exxon edged down 1 percent to $92.40 in premarket
trading.
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