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Oil Companies’ 2Q Profits Soar to RecordsOil companies, boosted by high crude and retail fuel prices, continued to turn record profits in the second quarter.
Exxon Mobil Corp., the world’s largest oil producer, earned $10.36 billion, the second largest quarterly profit ever recorded by a publicly traded U.S. company. The profit was up 36% from a year ago. Revenue rose 12% to $99 billion, just short of a quarterly record.
For the second quarter, BP booked record profits of $7.3 billion, 30 percent higher than those announced for the second quarter of 2005. Revenue was $74 billion.
Chevron Corp. earned $4.35 billion or $1.97 a share, an all-time high and up 18% from $3.68 billion or $1.76 last year. Revenue rose 11% to $53.5 billion.
Oil producer and refiner Marathon Oil Corp. said Aug. 1 its earnings more than doubled in the second quarter, to $1.75 billion or $4.80 per share, from $673 million or $1.92 a year ago.
Valero Energy Corp., the largest U.S. independent oil refiner, said its second-quarter earnings more than doubled, to $1.9 billion or $2.98 per share, from $843 million or $1.53 a year ago. Revenue rose to $26.8 billion from $18 billion.
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