ExxonMobil Doubled Its Profit to $14.5 Billion. Why Falling Oil Is the Real Test

ExxonMobil reported a strong second quarter with profits of $14.5 billion, but its stock fell due to dropping crude oil prices, largely influenced by potential US-Iran peace talks. CEO Darren Woods argues that refining margins, not crude prices, will dictate future profits, especially given current refining capacity constraints. Investors are closely watching refining margins in the upcoming third-quarter results to see if ExxonMobil's strategy insulates it from falling oil prices.