Exxon’s quarterly profit soars on higher oil prices

Exxon's quarterly profit soar on higher oil prices

Exxon Mobil Corp, the world’s largest publicly traded oil producer, said on Friday its quarterly profit jumped 18 percent as rising crude prices offset falling production.

The company posted second-quarter net income of $3.95 billion, or 92 cents per share, compared to $3.35 billion, or 78 cents per share, in the year-ago quarter.

Production fell 7 percent to 3.6 million barrels of oil equivalent.

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