The year 2009 is bringing in problems not only for the automobile majors and big insurance companies in US , but also to the largest oil refining and marketing company of US, Exxon Mobil,
The company has reported a sharp 66% drop in net revenues for the second quarter of 2009, which is the lowest reported profit in the last five years. The company is also projecting a poor performance for the remaining two quarters of 2009, due to low crude oil prices and also low refining margins.
The company is also facing higher taxation in Canada and parts of Europe.
Exxon reports lowest profit in 5 years