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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.”

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