Exxon shares fell in premarket trading following the announcement.
The world’s largest publicly traded oil company reported a 52 percent slide in second-quarter profit as tumbling crude oil prices weighed on results. Crude prices in the quarter fell more than 40 percent from a year earlier, hit by growing global supplies and worries about slowing demand from China.
Exxon, based in Irving, Texas, said its profit in the quarter was $4.2 billion, or $1.00 per share, compared with $8.8 billion or $2.05 per share. Revenue fell to $74.11 billion from $111.65 billion a year ago.
Wall Street had expected the company to deliver quarterly earnings per share of $1.11 on $72.48 billion in revenue, according to consensus estimates from Thomson Reuters.
Oil and gas output rose 3.6 percent to 4 million barrels oil equivalent per day (boed).
Exxon shares have slipped about 10 percent so far on the year, slightly outperforming the S&P 500 energy sector by about 1 percent. Oil prices have fallen by more than 50 percent in the past 12 months.
The oil giant has been exploring opportunities to expand its Beaumont, Texas, refinery. Adding a third crude distillation unit could make it the top refinery in the country.
Earlier this year, the oil company announced it would cut its 2015 capital expenditures by about $4.5 billion to $34 billion.