Exxon posts record second-quarter profit


Exxon Mobil Corp has posted its biggest quarterly profit ever.

The oil major was propped by soaring energy prices and its tight rein on spending.

Exxon reported second-quarter net income of $17.9 billion, or $4.21 per share.

That represents an almost four-fold increase over the $4.69 billion, or $1.10 per share it earned in the same period last year.

Oil and natural gas prices have scaled multi-year highs this year as Western sanctions against major exporter Russia squeezed an already under-supplied global market.

Exxon’s results also beat its best quarter of 2008, when Brent crude oil prices peaked at $147 per barrel, and its best-ever quarter reached in 2012, when the company earned $15.9 billion, largely due to asset sales in Japan and tax-related items.

Exxon maintained its 88-cent-per-share dividend for the third quarter.

The company earlier this year more than doubled its projected buyback program to $30 billion through 2022 and 2023.