Largest Quarterly Profit Ever

This may be the last hurrah for big oil, at least for a while:

AP: Exxon Mobil Corp., the world’s largest publicly traded oil company, says it shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. bolstered

Bolstered by this summer’s record crude prices, the Irving, Texas-based company said Thursday that net income jumped nearly 58 per cent, or $2.86 a share in the July-September. That compares with $9.41 billion, or $1.70 a share, a year ago.

The previous record for U.S. corporate profit was set earlier this year, when Exxon Mobil earned $11.68 billion in the second quarter.

It might be a long time before the company earns anywhere near this again. On the other hand, T. Boone Pickens was on CNBC this morning calling for $100 oil again next year. Of course, he’s got an agenda.

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