Exxon Mobil Expects Highest Quarterly Operating Profit in 25 Years

The largest US oil and gas company Exxon Mobil expects to receive a strong operating profit in the second quarter due to the rise in prices for oil, gas and refined products to multi-year highs.

The company’s management believes that operating profit in April-June could grow by $7.4 billion compared to the previous quarter, when the figure was $8.8 billion. If the forecast comes true, this will be a record for at least 25 years, FactSet analysts say.

Exxon’s windfall profits amid high fuel prices faced by ordinary Americans have drawn criticism from US President Joe Biden. „Exxon made more money this year than the Lord God,” Biden said in June.

Company spokesperson Erin McGrath responded by saying that Exxon is actively investing in production to reduce price pressure. At the same time, in 2020, against the background of the pandemic, Exxon lost $22 billion on investments of $21.4 billion, he added.

The company’s quarterly report will be published on July 29.

Since the beginning of 2022, Exxon’s capitalization has grown by 43% to $368.8 billion.

Michael Cooper

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