Exxon Mobil produced less energy, and missed profit expectations in the latest quarter.
The energy major’s total production dropped by -7% globally in Q2. Its output has declined in eight out of the past nine quarters.
Its biggest production plunge (-30%) in Q2 happened in Europe. The firm also cited planned maintenance as a factor behind lower production.
Exxon’s Q2 profit rose by 18% to $3.95 billion, falling short of projections.
But there's still some potential chance for the company to bounce back – thanks to its +30% production growth in Permian Basin of West Texas and Bakken of North Dakota last quarter, and the firm’s plans of investing billions of dollars in overseas projects that it hopes will bolster long-term growth.