Exxon profits hit four-year low

<p>Exxon’s profits are at their lowest point since 2010.</p>

Oil company ExxonMobil has confirmed its profits are down to their lowest level in four years.

It was announced by the US firm that net income fell by 57 per cent compared to the year before and profits are now at a similar level to those recorded in 2010.

Chairman Rex Tillerson said the figures showed "continued strong operational performance and investments", but the company's share price dropped on the back of the financial results.

Stocks fell by $1.65, or two per cent, to 92.08 and ended the day's trading slightly higher at 92.73.

Exxon announced that it made $6.9 billion (£34.5 billion) in the second quarter, which is down from $15.9 billion in 2012.

The share price of Royal Dutch Shell fell yesterday (August 1st) after it was announced by the oil firm that its second quarter earnings fell to $4.6 billion (£3 billion), from $5.7 billion last year.

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