Exxon Mobil Corp.’s profits doubled in the second quarter on increased energy prices and refining margins compared to last year, the company said Friday.
The Irving, oil company collected $3.4 billion in net income, or 78 cents a share, from the beginning of April to the end of June, compared to $1.7 billion, or 41 cents a share, in the same period last year. Its revenue climbed from $57.7 billion to $72.9 billion.
The oil giant plans to add another three drilling rigs in the Permian Basin in West Texas, bringing its active fleet there to 19 rigs by the end of August. It has boosted production in the region 20 percent to more than 165,000 barrels a day across its 1.8 million acres.
“The Permian ranks among the top tier investment returns in our global portfolio,” said Jeff Woodbury, a spokesman for Exxon Mobil, in a conference call with investors. “We have successfully offset inflationary pressures through efficiencies” and higher output for each well the company drills. Read more…