"No. 1 U.S. oil company earns $1,318 a second - topping forecasts - but comes in just shy of a record."...
Profits at Exxon Mobil surged 36 percent to a near record $10.4 billion in the second quarter as surging oil prices helped the world's largest publicly traded company soundly beat Wall Street forecasts.
The earnings equaled $1.72 a share, topping the $1.64 a share analysts had forecast on average, according to First Call. Total revenue in the quarter was just a bit more than $99 billion.
Exxon (Charts) shares rose modestly in afternoon New York Stock Exchange trading.
The $1,318 a second would buy enough gasoline, even at the current $3 a gallon national average, to drive a HUMMER H3 between Los Angeles and New York three times.
Irving, Texas-based Exxon Mobil caught considerable flak from the general public for its record fourth quarter, which came soon after gasoline prices hit record highs.
Compounding matters, the company gave its outgoing CEO Lee Raymond a retirement package worth about $350 million around the same time.
Tensions in the Middle East and other parts of the world and speculative buying by big investment funds have also helped fuel the run-up.
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