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    Repiglican Roast

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    I'm furious about my squandered nation.

    Thursday, July 31, 2008

    Exxon has record profit again on soaring oil prices

    Revenue in the quarter rose about 40 percent to $138.07 billion.

    Exxon both produces oil and refines it to make gasoline, and profit margins for gasoline were weak during the quarter, holding back earnings slightly.

    The company said earnings from its exploration and production business rose about 68 percent to $10.01 billion. But its refining and marketing earnings fell about 54 percent to $1.56 billion.

    U.S. oil prices averaged slightly less than $125 a barrel in the quarter, nearly double prices from a year earlier. Gasoline prices only rose 25 percent during that same period, resulting in weak profit margins for the fuel.

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