Exxon Mobil’s earnings in its upstream division dived about 75 percent to $2.0 billion.
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Lower oil prices hammered earnings of U.S. petroleum giants ExxonMobil and Chevron Friday, adding to the industry's woes amid its worst downturn since the late 1990s.ExxonMobil, the biggest U.S. oil company, said second-quarter profits fell by 52.3 percent year-over-year to $4.2 billion as it reported a loss in its U.S. exploration and production division.At ExxonMobil, earnings in its profit-leading upstream division, which explores for and produces crude oil, dived about 75 percent to $2.0 billion due to lower oil prices.In response to lower crude prices, oil companies have cut back on drilling, with ExxonMobil spending 12.5 percent less through the first half of 2015 at $16 billion compared with the 2014 period.In morning trade, Chevron was down 4.3 percent at $89.07, while ExxonMobil stood at $79.38, down 4.4 percent.
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