ExxonMobil has been hurt by the subdued demand for crude and lower oil prices and suffered a 66 per cent drop in earnings in the second quarter of this year, compared to 2008 results.

Outlining the causes of the profit slump, the company, which is the second largest in the world by market capitalisation after China National Petroleum Corp, saw oil-equivalent production fall by around three per cent year over year, while per-barrel earnings also fell sharply.

Looking forward, ExxonMobil chairman Rex Tillerson commented: "ExxonMobil continued its robust capital investment program. For the first half of 2009, spending on capital and exploration projects was $12.3 billion, in line with our longer term plan."

The company has maintained a strong commitment to training and development programmes in the US and the many foreign countries in which it has interests.

Last month, the group announced a further contribution to SECME, a non-profit US organisation promoting maths and sciences across universities, industry and government.

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