Exxon Posts 10.36 Billion in Profits: But it Wasn't Because of High Gas Prices

Oil giant Exxon Mobil said Thursday it earned $10.36 billion in the second quarter. The announcement comes amid record gas prices in the United States. The figure is the second largest quarterly profit ever recorded by a publicly traded U.S. company. In January, Exxon posted the highest quarterly profits of any public company in history: $10.71 billion. After the news broke this morning, the company's stock hit an all-time high. Meanwhile, OPEC says it's unable to do anything to stop surging oil prices.
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JeffLosAngeles - 7/27/2006 3:47:01 PM

+1 Boost

Glad we are adding to his annual bonus each time we fill up. Thankfully they are not taking advantage of us.

kart1 - 7/28/2006 1:09:36 AM

+1 Boost

Yeah profits aren't the result of rising gas prices. What kind of business school did these guys go to. Profits = Revenues - Costs. Their costs haven't increased but the revenues have increased because of higher gas prices. So are the profits not the result of higher gas prices? Let me know if it is otherwise.