Exxon profits soar along with the cost of crude

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

ByCATHY BUSSEWITZ AP Energy Writer
July 29, 2022, 7:06 AM

NEW YORK -- 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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