$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices
ExxonMobil (XOM) and Chevron (CVX) both reported record massive profits thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine.
Second-quarter profit was up 273% from the same period a year ago.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.
Desert (XOM, CVX, T, BNS, BKH, ED, ATGFF, NI, NWN, TRP, WRE, WGL, WTR, XEL, DUK, SO, KO & O) Dave