Exxon and Other Oil Giants See Profits Plummet as Energy Prices Decline

Exxon Mobil and other major oil companies like Chevron and Shell reported significantly lower second quarter profits compared to last year due to falling oil and gas prices.
Exxon's profit fell 56% to $7.88 billion while Chevron's fell close to 50% to $5.8 billion for the quarter ending June 30.
The lower profits indicate a stabilization in energy markets following price surges after Russia's invasion of Ukraine.
Despite lower earnings, the companies met or exceeded analyst expectations and maintained disciplined capital spending and shareholder returns.
Weaker profits could signify easing inflationary pressures, though gas prices remain high for consumers.