Net income fell 43.8% from a year ago to $2.49 billion, while adjusted earnings per share, which excludes nonrecurring items, of $1.77 topped the average analyst estimate compiled by FactSet of $1.73.

Key Takeaways ExxonMobil and Chevron reported much lower second-quarter profits as the price of oil slumped.Adjusted earnings for both oil giants beat estimates, but Chevron missed revenue forecasts.Chevron's results were impacted by a loss in the fair market price of shares of Hess,

Exxon Mobil’s profit dropped in the second quarter to the lowest level in four years as oil prices declined amid an increase in production by OPEC+, but the results still managed to beat Wall Street’s expectations.