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Weak refining profits add to woes at Exxon, Chevron

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

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

"The second quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world," Chevron CEO John Watson said.

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