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Thndr Claps » U.S. Claps » Energy 🔋 » Exxon could post highest-ever quarterly operating profit🛢

Exxon could post highest-ever quarterly operating profit🛢

by Shams Abbas
July 5, 2022
Exxon Mobil Profits

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.

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