Exxon Mobil and Chevron Report profits hit by low oil prices

Exxon Mobil reported three-month profits of $4.24bn (£2.76bn), down 47% from the same period last year.

Meanwhile, its smaller rival Chevron reported its profit fell 64% to $2.04bn.

It wasn't all bad news, with both companies reporting cost-cutting and improving margins from the refining part of the business.

Exxon chief executive Rex Tillerson said the company was maintaining "a relentless focus on business fundamentals, including cost management, regardless of commodity prices".

Profits from refining almost doubled to about $2bn, while profits from getting oil out of the ground fell 79% to $1.4bn.

Exxon's oil and gas production grew 2.3% to 3.9 million oil-equivalent barrels per day, while Chevron's production fell 1% to 2.5 million.