Exxon Mobil broke its own record for the highest-ever quarterly profit for a US company last night, joining other major oil companies in posting stronger earnings on the back of sky-high oil prices.
The average price of a barrel of oil was slightly less than $125 in the quarter, nearly double last year, which also increased earnings at Royal Dutch Shell, Eni and Repsol, three of Europe's largest oil companies.
Exxon's second-quarter net income rose 14 per cent to $11.68 billion, or $2.22 a share, in the quarter.
Excluding one-time items, Exxon earned $2.27 a share, more than a quarter below analysts' expectations, according to Reuters Estimates.
The enormous profits drew criticism from politicians because of the high gasoline prices being paid by consumers.
Exxon's oil and gas production fell 8 per cent from a year earlier, mostly due to the loss of assets taken over by Venezuela, a labour strike in Nigeria, and contracts that give host countries a larger share of production as oil prices rise.
Exxon's downstream profits dropped about 54 per cent and Shell's downstream results fell 70 per cent. Eni said refining and marketing profits fell 23 per cent in the quarter, while Repsol's downstream profits fell 2 per cent in the first half.
Exxon's shares closed down 4.7 per cent at $80.43 on the New York Stock Exchange.