Who’s Doing Well In This Economy?

Ken AshfordCorporate GreedLeave a Comment


NEW YORK — Exxon (XOM) said Thursday that higher oil prices and improved refining margins boosted its second-quarter profits 41%.

The largest publicly traded oil company reported earnings of $10.68 billion, or $2.18 per share, for the three months ended June 30. That compares with $7.56 billion, or $1.60 per share, for the same part of 2010. Revenue grew 36% to $125.5 billion.

It's the highest profit for Exxon since it set a corporate earnings record of $14.8 billion in the third quarter of 2008. But the results fell short of Wall Street estimates of $2.30 per share. Revenue topped projections of $119.2 billion.

Whew!  I was so worried about them.