New York. ExxonMobil, one of the largest petroleum companies in the US, reported a 23.4 percent decline in its profit in the second quarter of the current fiscal year. The company’s profit has fallen to $ 7.1 billion. This is significantly lower than the profit earned by the company in the same period last year.

ExxonMobil is a large multinational oil and gas company based in the United States. It is one of the world’s largest publicly traded energy companies. ExxonMobil is responsible for the discovery, extraction, processing and distribution of oil and gas.

The company produces and supplies fuel, grease, petrochemical products, and invests in energy technology. The company was formed in 1999 by the merger of two large companies, Exxon and Mobil, and has a major role in the global energy sector.

According to the company, the international crude oil price fell below 65 dollars per barrel. As a result, total income has also fallen by 12.4 percent to about $ 161 billion. However, the company expects production growth in Guyana and the Permian region of Texas and New Mexico state in the UNITED States, as well as big plans coming into operation next year, to benefit in the long run.

The company is in the process of extracting high-value products from low-quality crude oil by improving its old petroleum processing facilities in Singapore and the UK. In addition, a new project to produce renewable fuels has also been started in Canada.

ExxonMobil continues to distribute dividends and buy shares again as part of its policy of regularly benefiting its shareholders. After this news came out, the company’s share price has increased by about one percent in early trade.