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Exxon profit surges, but production slips

Exxon profit surges, but production slips

Exxon Mobil Corp. net income rose 28 percent in the second quarter on a sale of Asian assets and higher oil prices, but oil and gas production slipped 6 percent, disappointing analysts. On Thursday, Exxon reported net income of $8.78 billion in the second quarter on revenue of $111.65 billion. Last year during the same period, the company earned $6.86 billion on sales of $106.67 billion. On a per-share basis, Exxon earned $2.05, up from $1.55 last year. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.91 per share, but that estimate does not include the benefit from the Asian asset sale. Exxon, based in Irving, Texas, does not adjust results...

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