Exxon Mobil Posts Record Quarterly Profit in U.S. History

Exxon Mobil posted the largest quarterly profit in U.S. history, reports the Associated Press.

Lifted by record crude prices, Exxon Mobil says its second-quarter earnings rose nearly 14 percent to $11.68 billion, the biggest quarterly profit ever by any U.S. corporation.

The world's largest publicly traded oil company said Thursday its net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

John McCain's approach to energy? Billions in tax cuts to companies like Exxon Mobil combined with offshore drilling that, by his own admission, would not provide any real relief at the pump. Maybe he's gunning for a 60 second standing ovation from oil executives?

Comments (3) «

Only Japan (39.9%) imposes a higher corporate tax rate than the United States (39.5%). The proposed tax cut would affect all American corporations.

1

Ldcnram on August 9, 2008 at 12:37 AM

XOM paid 49% in taxes which is $32,361,000,000 in taxes paid. That means that 40% of the stimulus payment for the entire nation was paid for by a single company.

2

Par10 on August 19, 2008 at 12:20 PM

Why not post how much taxes they paid? 49% tax rate = $32 billion. That's 40% of the economic stimulus payments from one company. We should all say thank you.

3

Par10 on August 19, 2008 at 11:27 PM

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