EXXON Mobil has once again turned in the highest quarterly profit ever earned by a company in the United States. Reports showed that the oil and energy giant earned a whopping $1.7 billion in the second quarter which has still fallen short of Wall Street expectations. This was reflected in a drop in Exxon share prices which fell by $2.61 to $$88.77 at mid-day trading on July 31.

The record earnings by Exxon Mobil in the second quarter of 2008 means it has posted a net income of $2.22 per share which is 14 percent higher than the $1.83 per share earned in the second quarter of 2007. Production levels however, dropped by 8 percent which was attributed to the company’s decision to close its Venezuela operations as well as a labor strike at its Nigerian production site.

Second Quarterly reports show Exxon Mobil revenues stood at $138 billion which was up from $98 billion one year back. The company CEO announced that record crude oil prices were substantially offset by lower refining and chemical margins as well as by higher operating costs and lower production volumes. However the company’s reputation took a beating earlier this year when it was ordered by the Supreme Court to pay $290 million as part of the $580 punitive damages for the Exxon Valdez oil spill in 1989.

-Kalyani Mookherji