Exxon profits soar along with the cost of crude

By AP News

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NEW YORK (AP) — Exxon Mobil was swimming in profits the last few months, reporting Friday that it brought in a record $17.85 in net income during the second quarter, a period in which Americans struggled with painfully high prices at the pump.

FILE - Shown is an Exxon service station sign in Philadelphia on April 28, 2021. Exxon Mobil Corp. on Friday, July 29, 2022, reported second-quarter profit of $17.85 billion. The Irving, Texas-based company said it had profit of $4.21 per share. Earnings, adjusted for non-recurring gains, were $4.14 per share. The results surpassed Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.80 per share. (AP Photo/Matt Rourke, File)

NEW YORK (AP) — Exxon Mobil was swimming in profits the last few months, reporting Friday that it brought in a record $17.85 in net income during the second quarter, a period in which Americans struggled with painfully high prices at the pump.

The Irving, Texas, company increased oil and gas production as crude prices hovered above $100 a barrel.

Revenue skyrocketed to $115.68 billion in revenue, up from $67.74 billion during the same quarter last year.

Natural gas and liquefied natural gas prices area also elevated due to Russia's invasion of Ukraine and ensuing sanctions against Russia, a major supplier of natural gas.

Exxon earned $4.21 per share, exceeding analyst expectations of $4.02 per share, according to analysts polled by Factset.

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Energy
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Exxon Mobil

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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