Exxon's Q2 profit slides amid energy price slump

• Prices have eased off the 2022 surge following Russia's invasion of Ukraine, but remain high enough to enable large hauls.

Catch up fast: Exxon's results follow steep profits declines by Shell, TotalEnergies and Chevron.

Yes, but: As we noted yesterday, it's all relative. Reuters notes Exxon had its second-best April-June in over a decade, topped only by last year.

What they're saying: CEO Darren Woods said Exxon has improved efficiency and portfolio quality.

• Q2's profit is "two times higher than what we earned in the second quarter of 2018, under comparable industry commodity prices," he said in a statement.

What we're watching: More potential mergers and acquisitions.

• The WSJ reports Exxon and Chevron "have signaled they’re not finished shopping for potential acquisitions."
• Both made large deals in Q2, with Chevron's $7.6B acquisition of PDC Energy and Exxon's $4.9B purchase of Denbury, coveted for its CO2 pipeline network.