Exxon Mobil Corp (XOM.N) posted its biggest quarterly profit ever on the back of soaring energy prices; and as it kept a tight rein on spending.
The top U.S. oil producer reported second-quarter net income of $17.9 billion, or $4.21 per share, 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. Margins for making fuels like gasoline and diesel surged worldwide, boosting the profits of oil giants, including European majors Shell (SHEL.L)and TotalEnergies (TTEF.PA).
Exxon has been using extra cash to pay down debt and raise distributions to shareholders. It maintained its 88-cent-per-share dividend for the third quarter.
Exxon kept its capital investments at $9.5 billion in the first half of the year, in line with full-year guidance. The profit included a $300 million booked identified item associated with the sale of the Barnett Shale upstream asset.