Investing.com -- ExxonMobil (NYSE:XOM) has reported lower-than-anticipated profit in the second quarter, as the largest U.S. oil major was hit by a decline in natural gas prices.
Earnings during the three months ended on June 30 dropped on both a quarterly and annual basis to $7.9 billion, or $1.94 per diluted share. Bloomberg consensus estimates had seen the per share figure at $2.00.
Texas-based Exxon's key upstream business registered income of $4.6B, a decrease of $1.9B from the prior quarter, which Exxon said was due to a 40% fall in lower natural gas prices as well as "seasonally higher scheduled maintenance."
In a statement, chief executive Darren Woods noted that the company is "on track" to bring down costs by $9B a year compared to 2019 levels.
Shares in Exxon slipped in premarket U.S. trading Friday.