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Exxon-Mobil (XOM) has proven once again that while the rest of the economy is in rags, big oil mints money. And, that is the way it should be. No one holding shares in the huge energy company has to ask "Where are the shareholders yachts?"
XOM’s second-quarter net income rose 14% to $11.68 billion, or $2.22 a share from $10.26 billion, or $1.83 a share in the year-ago period.
Capital expenditures rose 38% to $6.97 billion.The cost of being in the refining business hurt the company’s overall margins.
Revenue jumped 40% to $138.07 billion, a quarterly record, topping the first quarter’s $116.85 billion.
Douglas A. McIntyre
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