Exxon Reports Twofold Rise In Profit, But Stock Plunges

Exxon reported a profit of US$3.35 billion for the second quarter of the year, up from US$1.7 billion a year earlier, thanks to better refining margins and higher oil prices. The latter pushed upstream earnings up to US$1.2 billion, an increase of US$890 million from a year earlier. Profit from downstream operations rose 68 percent to US$1.4 billion. The rest of the earnings result came from the chemicals business of Exxon, marking a US$232-million decline on the year to US$985 million. Like its peers, Exxon spent less capital in this year’s…