Seems Exxon Mobil Corp. is experiencing a downturn as its profits of the company have dropped for the second quarter by up to 59%. Last year, the company has reported earnings amounting to $4.18 billion, but now it has dropped to $1.7 billion. This number is the lowest profit recorded by the company since they experienced a similar economic downturn in 1999. Revenue has also dropped to $57.7 billion from the original $74.1 billion marker last year. It is said that the drop of its profits and revenues is triggered by the wildfires in Canada which was blamed in oil production in the country.
Read more about this here: Exxon Mobil profit drops, misses analyst estimates by 36 percent