Exxon Has Record Second Quarter

Sales are $88.5 billion.
Publish date:

Earnings surged at

Exxon Mobil

(XOM) - Get Report

in the second quarter, as the energy titan harvested huge gains in its exploration, refining and retail divisions amid surging energy prices.

The company earned $7.6 billion, or $1.20 a share, in the quarter, compared with $5.79 billion, or 88 cents a share, last year. Adjusted earnings of $1.23 a share were a penny shy of the Thomson First Call consensus. The latter number excludes a $200 million charge related to the Supreme Court's Allapattah ruling.

Revenue rose 25% from a year ago to $88.57 billion.

Exxon said the earnings were its highest ever for a second quarter; they also rank as one of the highest quarterly profits ever turned in by a publicly traded U.S. corporation. Exxon earned $4.91 billion in its exploration and production unit, and $2.22 billion in its refining and marketing divisions. Chemical earnings were $814 million.

On an oil-equivalent basis, second-quarter production fell 4.3% from a year ago, or 2% excluding divestitures. "Our mature fields continue to perform as expected and for those fields we operate, maintenance has been as anticipated."

The company spent $4.54 billion on capital and exploration projects in the second quarter, up from $3.62 billion a year ago.