Exxon profit surges, just not enough
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July 27, 2018
DALLAS (AP) — Rising oil prices pushed second-quarter profit at Exxon Mobil Corp. up 18 percent to $3.95 billion, but the results Friday fell short of Wall Street expectations, and the shares fell nearly 3 percent.
The price of benchmark international crude is up more than 50 percent from a year ago. But Exxon's production of oil and natural gas slid 7 percent, so it didn't fully take advantage of the higher prices.
Rival Chevron Corp., by contrast, boosted production 2 percent and more than doubled its second-quarter profit from a year ago.
"The second quarter results were well below market e...
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