“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.