Results boosted by high oil prices but fall short of expectations
Fueled by a record surge in oil prices, Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation. But the results were well short of Wall Street expectations and its shares fell.
With oil prices more double last year’s levels, Exxon Mobil’s revenue rose 40 percent to $138.1 billion from last year’s second quarter. Natural gas prices were significantly higher too.
But those higher crude prices squeezed profits from Exxon Mobil’s businesses that rely on crude oil as a raw material, including gasoline refining and chemical production.
Fueled by a record surge in oil prices, Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation. But the results were well short of Wall Street expectations and its shares fell.
With oil prices more double last year’s levels, Exxon Mobil’s revenue rose 40 percent to $138.1 billion from last year’s second quarter. Natural gas prices were significantly higher too.
But those higher crude prices squeezed profits from Exxon Mobil’s businesses that rely on crude oil as a raw material, including gasoline refining and chemical production.
[It is hard to see in the background... the Mobil station is selling regular gas for $4.75 a gallon.]
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