Exxon Mobil Corp on Friday smashed expectations as soaring energy prices fuelled a record-breaking quarterly profit, nearly matching that of tech giant Apple.
almost twice as big. Its gains were aided by its highly criticized decision to double down on fossil fuels as European competitors shifted to renewables.
Rising profits have renewed calls by U.S. President Joe Biden for companies to invest the windfall profits from this year's energy price runup in production rather than buy back their own shares. In the third quarter, U.S. natural gas prices averaged $7.95 per million British thermal units , up 10% from the second quarter. Brent prices eased to $98 per barrel in the same period, from an average of $109 between April and June.
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