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Exxon profits soar along with the cost of crude

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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Companies Mentioned in This Article

CompanyMarketRankâ„¢Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Exxon Mobil (XOM)
4.7878 of 5 stars
$114.921.0%3.45%15.24Moderate Buy$125.55
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