Exxon 2Q Profit Falls 66% On Weak Demand

Exxon Mobil posted its lowest quarterly profits since '03, widely missing Wall Street expectation amid weak demand for hydrocarbons & falling refining profits. But despite squeezed cash flow & major drop in its much-touted cash stash, the world's largest oil company remains unflinchingly committed to its ambitious capital expenditure program, confident that demand for energy will rebound once the economy recovers. "We take a long-term view to this business," said Ken Cohen, Exxon's VP for public affairs. "We are going to stay the course." Although many analysts expected major oil companies to do better in the second quarter than in the first due to markedly higher oil prices, Irving, TX-based Exxon Mobil posted $3.95B profits, or 81