News Summary: Asset sales boost Exxon 2Q profit

The Associated Press

FALLING PRICES: A drop in the price of oil and natural gas cut into Exxon Mobil Corp.'s profit for the second quarter. The company also produced less in the period, and that weakened sales even more.

SHEDDING ASSETS: The decline in prices and production were masked in the quarter, however, by $7.5 billion in asset sales and other special items. Those sales included Exxon's stake in its Japanese fuel and lubricants business, which it sold to TonenGeneral Sekiyu K.K. for $3.9 billion.

BOTTOM LINE: Excluding the asset sales, Exxon's profit fell by 22 percent to $8.4 billion, or $1.80 per share. That was its smallest operating profit since the third quarter of 2010 and it fell far short of Wall Street expectations.