ExxonMobil Corporation (NYSE: XOM) reported a record profit for the second quarter of 2022 as the energy giant’s revenues surged. The headline numbers also surpassed the market’s projection. The company’s stock made strong gains early Friday, following the announcement.
Net profit, adjusted for special items, climbed to $4.14 per share during the three-month period from $1.10 per share a year earlier. Analysts were looking for a smaller number for the latest quarter. On a reported basis, the company posted a net income of $17.9 billion or $4.21 per share, compared to $4.7 billion or $1.10 per share in the second quarter of 2021.
Driving the bottom-line growth, total revenues and other income jumped to $115.7 billion in the June quarter from $67.7 billion in the same period of last year. The latest number also topped Wall Street’s expectations.
Check this space to read management/analysts’ comments on ExxonMobil’s Q2 2022 results
“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control. Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic,” said Darren Woods, chief executive officer of ExxonMobil.