Key Takeaways ExxonMobil and Chevron reported much lower second-quarter profits as the price of oil slumped.Adjusted earnings for both oil giants beat estimates, but Chevron missed revenue forecasts.Chevron's results were impacted by a loss in the fair market price of shares of Hess,

Net income fell 43.8% from a year ago to $2.49 billion, while adjusted earnings per share, which excludes nonrecurring items, of $1.77 topped the average analyst estimate compiled by FactSet of $1.73.