The Clap Exxon Mobil could be on track to record its highest-ever quarterly operating profit.
Claps Class Operating profits refer to profits generated after deducting rent, employee payroll, equipment & inventory costs.
Backstory With oil & gas prices skyrocketing over the past few months, energy companies have been reaping significant revenues.
The Deets The U.S.’s biggest oil producer could report $16 billion in operating profits for Q2-2022, according to an SEC filing. The record operating profit for Exxon stands at $15.9 billion back in 2012.
Why this Matters After Exxon was down bad in 2020, recording $22 billion in losses, it’s now using this high moment to pay off debt & distribute dividends.
President Biden has recently urged oil companies to stop using oil & gas shortages to increase their profit margins, which ultimately come at the expense of the consumer.