Weaker Natural Gas Prices News

Exxon Corporation reported second quarter 1999 net income of $1.2 billion, down from $1.6 billion in the second quarter of 1998. Revenue for the second quarter of 1999 totaled $29.4 billion compared to $29.4 billion in the second quarter of 1998. Capital and exploration expenditures were $2.5 billion in the second quarter 1999 compared to $2.5 billion in last year's second quarter. According to the company, depressed refining margins and weaker natural gas prices drove the decline in earnings. Weaker chemical margins, lower copper and coal prices, and unfavorable foreign exchange effects also lowered earnings. With the improvement in oil prices…