“Global economic conditions continue to impact the energy industry both in the volatility of commodity prices and reduced demand for products,” Exxon Mobil chairman Rex Tillerson said in a statement.
Challenging times: The larger-than-expected decline highlights the challenges facing energy producers as the economic downturn curbs the world’s appetite for fuel and stockpiles of crude oil continue to grow.
Exxon Mobil profits plunge 66%
“Global economic conditions continue to impact the energy industry both in the volatility of commodity prices and reduced demand for products,” Exxon Mobil chairman Rex Tillerson said in a statement.
Challenging times: The larger-than-expected decline highlights the challenges facing energy producers as the economic downturn curbs the world’s appetite for fuel and stockpiles of crude oil continue to grow.
http://money.cnn.com/2009/07/30/news/companies/XOM_earns/index.htm
It’s the nature of the industry – boom-bust-boom. Nobody sheds a tear for them when they lose money.