by Sabrina Valle
HOUSTON, July 29 (Reuters) – Exxon Mobil Corp reported a record quarterly profit on Friday, helped by soaring energy prices and tight spending.
The first American oil producer announced a net profit of 17.9 billion dollars (17.53 billion euros) for the second quarter – 4.21 dollars per share -, almost four times the 4.69 billion of dollars, or $1.10 per share, recorded during the same period last year.
Oil and natural gas prices have hit record highs this year as Western sanctions against major exporter Russia and its military intervention in Ukraine have tightened an already undersupplied global market.
Margins on the production of fuels such as gasoline and diesel rose around the world, boosting profits for oil giants including Shell and TotalEnergies, which both reported results on Thursday.
Exxon used the extra cash to pay down debt and increase distributions to shareholders. It maintained its dividend of 88 cents per share for the third quarter.
Earlier this year, the company more than doubled its share buyback program to $30 billion through 2022 and 2023. Shell and Total extended their share buybacks on Thursday after favorable results.
Exxon held its capital investments steady at $9.5 billion in the first half, in line with full-year guidance. Earnings include a recognized identified item of $300 million associated with the sale of the upstream Barnett Shale asset. (Sabrina Valle report; French version Alizée Degorce, edited by Sophie Louet)