Exxon Profit Lowest Since 2009 as Cost Cuts Lag Oil’s Drop

Exxon Mobil Corp. posted its worst quarterly performance in six years as a worldwide glut of oil collapsed prices faster than explorers trimmed costs.

Net income fell to $4.19 billion, or $1 a share, from $8.78 billion, or $2.05, a year earlier, the Irving, Texas-based company said in a statement on Friday. The per-share result was 11 cents lower than the average estimate of 20 analysts in a Bloomberg survey. Exxon shares fell 1.9 percent to $81.40 in trading before regular U.S. equity markets opened.