The largest US oil producer expects an increase of about $7.4bn over the first quarter
Houston — ExxonMobil on Friday signalled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing.
The filing showed Exxon expects higher oil and gas prices will add about $2.9bn to results. Margins from selling petrol and diesel will add another $4.5bn to operating profits. Exxon’s profits led US President Joe Biden last month to say the company and other oil majors were capitalising on a global oil supply shortage to fatten profits. Exxon, he said, was making “more money than God” after posting its biggest quarterly profit in seven years.The company reacted to the president’s comments saying it is investing more than any other producer in the US to expand oil and natural gas production, including in the Permian, the country’s largest unconventional basin.
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