Climate

ExxonMobil 2q profits break all records: $11.7 B

The rich do get richer — and at your expense. The energy giant has posted the largest quarterly profits of any U.S. company ever:

Profits at oil companies this quarter continued to reflect oil prices that almost doubled in the second quarter from the year earlier.

Exxon Mobil on Thursday reported that second-quarter profit rose 14 percent, to $11.68 billion, the highest-ever profit by an American company. Exxon broke its own record.

Earlier in London, Royal Dutch Shell, Europe’s largest oil company, reported a 33 percent increase in second-quarter profit on Thursday, helped by a higher oil price even as production declined…. Shell’s profit rose to $11.56 billion from $8.67 billion in the period a year ago.

So, yes, you should’ve listened to your father’s friend when he said to you in college, “petrochemicals.”

4 Responses to ExxonMobil 2q profits break all records: $11.7 B

  1. Brewster says:

    I think the most important part of the story is this: In spite of Exxon spending $7 on oil production, overall production slipped anyway – that’s Peak Oil defined!

  2. Brewster says:

    Ooops – that should be $7 Billion – fingers got ahead of themselves…

  3. JCH says:

    There are very few opportunities available to them to drill, so their production is declining. On the stock market, that’s the kiss of death. Every quarter is a record, and the stock goes down. The shareholders are not getting rich. I sold almost all of my Exxon over a year ago. They have no future. About all they will do with their 45 billion on the year is buy back their own stock, which is likely to go down in value.

    ExxonMobil has horrendous leadership.

    I don’t know how they are supposed to avoid making 12 billion.