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Exxon banked record quarterly profit as energy prices soared
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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. - photo by 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 its 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.