Exxon Mobil 2Q Profit Jumps 36 Percent
Thursday July 27, 8:33 am ET
Exxon Mobil Posts $10.36 Billion Profit in 2nd-Quarter on Stronger Oil Prices
IRVING, Texas (AP) -- Exxon Mobil Corp. says it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The world's largest oil company by market capitalization said earnings grew 36 percent to $10.36 billion, or $1.72 per share, compared with $7.64 billion, or $1.20 per share, a year ago. The results topped Wall Street expectations but came in behind Exxon Mobil's record fourth-quarter profit of $10.71 billion.
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Analysts polled by Thomson Financial expected the company to earn $1.64 per share.
Boosted by high oil prices, revenue rose 12 percent to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion -- which also stands as record revenue generated by any U.S. public company ever in a single quarter.
Production on an oil-equivalent basis increased 6 percent year over year.
Exxon Mobil's report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion and at a time when many drivers in the U.S. are paying $3 for a gallon of gas -- increasing the likelihood of further political backlash in Washington.
Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.
Exxon Mobil shares rose 66 cents to $68.90 in premarket trading on the INET electronic exchange.
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