Exxon Mobil Is Falling After Reporting Reduced Production

The Irving, Texas-based oil giant said Q2 output fell 5.7% to 3.84 million barrels of oil equivalent, short of the 3.96 million forecast.

Exxon reported earnings of $2.05 a share, topping consensus expectations for $1.86 and a prior reading of $1.55. Revenue increased to $111.65 billion, also beating forecasts for $108.38 billion.

The company has said it did not yet see an impact from new Russia sanctions. The Dallas-based firm recently extended its partnership with Rosneft.

Shares were down as much as 1.5%.