Exxon Mobil Corp said yesterday soaring oil prices pushed its second-quarter earnings up 14 per cent, again breaking its own record for the highest-ever profit by a US company.
Net income in the quarter rose to US$11.68 billion, or US$2.22 a share, from US$10.26 billion, or US$1.83 a share, last year. Exxon both produces oil and refines it to make gasoline, and profit margins for gasoline were weak during the quarter, holding back earnings slightly.
US oil prices averaged slightly less than US$125 a barrel in the quarter, nearly double prices from a year earlier.
Source : Reuters
