Weak refining profits add to woes at Exxon and Chevron

New York

US oil giants ExxonMobil and Chevron reported another bruising round of results last Friday, with a glut of petrol and other refined products adding to the hit from low oil prices.

ExxonMobil reported a nearly 60 per cent plunge in second-quarter net income to US$1.7 billion, while Chevron suffered a US$1.5 billion loss, its third straight quarter in the red.

"The second quarter …