Weak refining profits add to woes at Exxon, Chevron

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 $1.7 billion, while Chevron suffered a $1.5 billion 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 chief executive John Watson