"Historically, oil companies' (earnings) numbers move a little later in response to economic improvements than some of the other major sectors," he said. "We'd expect a shift in the later part of economic improvement."
Still, petroleum inventory levels remained high and natural-gas prices failed to rebound much, if at all, from multi-year highs.

While Exxon Mobil acknowledges that the global economic downturn has dampened world energy demand, it's maintaining its capital-spending plans in the face of an expected rise down the road.

The oil major stands by its forecast of a 35% increase in demand between 2005 and 2030 based on growing population and economic growth, particularly in developing countries.

Exxon Mobil's continuing to invest at record levels between $25 billion and $30 billion over the next five years.

And in a notable move on the alternative-energy front, Exxon Mobil announced July 14 that it would invest up to $600 million to develop algae-based fuels -- a move designed to leapfrog the current corn-based ethanol that makes up the bulk of U.S. biofuels.