Exxon, Shell Post Higher 2Q Profits

The world’s two largest oil companies reported multi-billion-dollar second-quarter profits, up from a year ago, on higher crude oil prices.

Exxon Mobil Corp.’s net income rose to $10.68 billion, or $2.18 per share, up from $7.56 billion, or $1.60. Revenue rose to $125.5 billion, up from $92.5 billion.

Royal Dutch Shell’s earnings almost doubled to $8.76 billion, from $4.49 billion a year ago. Revenue rose to $124.5 billion, from $91.9 billion.

Other oil companies reported mixed results.

Chevron Corp.’s earnings increased to $7.7 billion, or $3.85 per share, from $5.4 billion, or $2.70.

ConocoPhillips, however, reported a decline in profit to $3.4 billion, from $4.2 billion a year ago. The company said it plans to separate its refining business into a new company next year, Bloomberg reported.

Sunoco Inc. reported a net loss of $125 million, or minus $1.03 per share, compared to a profit of $145 million, or $1.20, a year ago.

BP reported a profit of $5.62 billion for the quarter, compared to a loss of $17.15 billion a year ago.