Profits For Oil Industry Expected to Fall Sharply

For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world’s largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel. The April-June results may be somewhat better than first quarter earnings, which were the lowest in several years, but declines of 50 percent or more from a year ago are likely to be the norm. That’s what happens when oil prices plunge more than 60 percent.....Complete Story


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