ExxonMobil Breaks U.S. Record for Quarterly Profit

ExxonMobil Corp. broke its own record for the largest quarterly profit posted by a U.S. company, reporting net earnings of $11.7 billion, or $2.22 a share, up from $10.3 billion, or $1.83, a year ago.

Revenue jumped 40% to $138.1 billion, Irving, Texas-based Exxon said in its latest quarterly earnings statement.

Still, the oil company’s profits came in below analyst expectations of $2.48 a share, prompting a sell off that culminated in the biggest one-day drop in Exxon’s stock price in almost a year, Bloomberg News reported.

Shares of Exxon on the New York Stock Exchange fell $3.95, or 4.7%, to $80.43 after the release of the earnings report, Bloomberg said.

Exxon is the largest U.S. oil company.

Meanwhile, Chevron Corp., the second-biggest U.S. oil firm, posted its own record quarterly profit.

Earnings at Chevron rose to $5.98 billion, or $2.90 a share, in the second quarter from $5.38 billion, or $2.52 a year ago. Revenue rose 48% to $83 billion.

Chevron’s earnings also disappointed Wall St., Bloomberg said. Analysts had forecast earnings of $3.03 a share, Bloomberg reported.

At Royal Dutch Shell, the largest European oil company, earnings rose 33% to about $11.6 billion. The United Kingdon’s BP Plc said earlier this week that its net income climbed 28% to $9.47 billion.