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Exxon reports smallest profit since 1999

August 1, 2016

Lower oil prices continue to punish Exxon Mobil Corp., which reported its weakest quarterly profit in nearly 17 years.

Exxon still earned $1.7 billion in the second quarter. It was, however, down 59 percent from a year ago, and per share income missed Wall Street expectations.

The energy giant cited lower prices for oil and gas and weaker margins from its refining operations.

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