Exxon Mobil continues to slide on the back of slumping oil prices. The company’s Q2 2015 earnings weren’t exactly what investors were looking for. Revenue came in at $74.1 billion, a big beat on the Wall Street consensus by $1.62 billion, but it’s still down 33.4% year over year. The big whiff was its miss on earnings. Estimated to earn $1.11 per share, Exxon came in at $1.00 per share.

According to the Wall Street Journal, that’s cutting earnings in half, pushing shares down 4.48% on Friday. It was the company’s lowest earnings in six years and puts the stock at its lowest level since 2012; it closed at $79.29 Friday.

CEO Rex Tillerson said in a news release that the sliding revenue and earnings "reflect the disparate impacts of the current commodity price environment." It’s definitely feeling the pressure of OPEC countries keeping the oil supply high. Because of the plummeting prices, profit from U.S.-based shale exploration and production plunged 74% for the company.

To be fair, the entire industry is struggling. Chevron also posted its worst earnings in years. And even these company’s are better off than their smaller peers in the industry. As of right now, it doesn’t look there will be an end to the madness, either.

Why Exxon may stay down

With the external pressures from oil prices nowhere near predictable, Exxon is in a tricky predicament. OPEC producers like Saudi Arabia have far more flexibility when it comes to staying on top during this supply siege.

With uncertainty surrounding everything in the industry, the company is going to need to save as much money as possible, making it difficult to invest heavily in alternative revenue streams. Exxon has already announced it will be cutting back on its share buyback program, and capital spending is already on the chopping block as management is trying to tighten its belt.

The share repurchase program is a major downside to investors as it has been one of the silver linings in Exxon’s struggles over the past year. It’s likely that there’s still a bottom to come before we see things go up again — and they will go up, keep in mind. It’s just the short-term picture that investors should be wary about.

Some good

Despite all the bad that’s going on in Exxon’s business, there’s also some good. On the downstream side of things, earnings more than doubled. The company’s chemical segment also did well, increasing profits by 50%. But while these may seem like a light at the end of the tunnel on the surface, they’re more of just a small cushion to keep the company from completely collapsing under the pressure of Wall Street’s expectations.

Conclusion

Exxon Mobil is still a solid company. The problem is that it’s heavily influenced by factors it has completely no control over. While the company must keep an eye on its resources while it’s trying to weather this storm, it should continue to invest in its downstream and chemical segments to give investors hope that it can diversify enough to alleviate the problem, even if just a little bit.