Exxon Mobil (NYSE:XOM) stock is in the news Tuesday as investors react to news that the oil company could post record profits in its second quarter of 2022.
According to a filing with the U.S. Securities and Exchange Commission (SEC), the company could see its operating profit for Q2 2022 increase by $7.4 billion. That would be a massive increase compared to the $8.8 billion reported in the first quarter of the year.
Not only would that be a major boost in operating profit, it would also set a new record for Exxon Mobil. The filing has the oil company expecting operating profit to surpass $16 billion. If it does, it would beat its old record of $15.9 billion.
Exxon Mobil’s incredible increase in profit comes alongside an oil shortage around the world. This is partially due to the ongoing conflict between Russia and Ukraine. With that shortage, the price of oil has jumped above $100 per barrel. The national average gas price is also inflated at $4.80 per gallon.
President Joe Biden has openly criticized the oil industry for raking in profits as oil prices soar. Exxon Mobil was one of those companies he specifically called out. However, XOM argues it’s investing more than any other oil company in U.S. production.
While XOM is expecting massive profits in the second quarter of the year, that news isn’t pushing shares higher today. As of this writing, XOM stock is down 3.1% on Tuesday morning.
Investors seeking out more stock market news are going to want to stick around!
We’ve got all the hottest stock news that traders need to know about for Tuesday! Among that is airline stocks slipping, what has Tesla (NASDAQ:TSLA) stock falling, as well as the latest on Mullen Automotive (NASDAQ:MULN). You can learn more at the links below!
More Stock Market News for Tuesday
- Airline Stocks UAL, AAL, DAL Slip After Record Travel Weekend
- Why Is Tesla (TSLA) Stock Falling Today?
- MULN Stock: Still No Fortune 500 Update for Mullen
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.