Exxon Mobil Reports Nearly 4 Fold Jump In Q2 Profit

(RTTNews) - Exxon Mobil Corporation (XOM) on Friday reported nearly 4-times jump in its second-quarter profit helped by increased revenues on surge in oil prices. Earnings also surpassed the Street estimates.

Net income in the second quarter increased to $17.85 billion or $4.21 per share from $4.69 billion or $1.10 per share in the same quarter a year ago.

Earnings, excluding identified items were $17.551 billion or $4.14 per share.

Total revenues and other income increased to $115.681 billion from 67.742 billion a year ago.

Russia's invasion on Ukraine resulted in the swell in oil prices which helped the oilmajor to deliver better-than-expected quarterly results. The U.S. retail gas price has been trending higher from second half of April and reached 5.1 a gallon in June.

Analysts' on average, polled by Thomson-Reuters expected the company to report earnings of $3.74 per share on revenue of $132.7 billion for the quarter. Analysts' estimates typically exclude special items.

"Earnings and cash flow benefited from increased production, higher realizations, and tight cost control," said Darren Woods, chairman and chief executive officer.

Exxon Mobil stock is up 2% in pre-market. It closed at $92.64, up 1.17% on Thursday.