Recession bites Exxon, Shell

ENERGY giants Shell and Exxon are feeling the pinch of the global economic crisis as they witness large declines in second quarter profit.

Texas-based Exxon Mobil reported yesterday that earnings were down 66% to $US3.95 billion ($A4.8 billion) for the quarter, while Royal Dutch Shell said its profit fell 67% to $3.8 billion.