Exxon posts record second-quarter profit

oil

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.