Earnings in the 2007 quarter included a net gain of approximately $500 million on the sale of an investment and redemption of debt.
For the first half of 2008, net income was $11.1 billion or $5.38 per diluted share, up 10% from $10.1 billion or $4.70 per diluted share in the first six months of 2007.
Sales and other operating revenues in the second quarter of 2008 were $81 billion, compared with $54 billion in the year-ago quarter. First half 2008 sales and other operating revenues were $146 billion, versus $101 billion in the corresponding period in 2007.
In the second quarter of 2008, the company reported capital and exploratory expenditures of $5.2 billion, compared with $4.5 billion for the previous year. Common stock buybacks in the 2008 period totaled $2 billion.
Dave O’Reilly, chairman and CEO, said: Earnings for our upstream operations benefited from prices for crude oil that were significantly higher than a year ago. Natural gas prices also increased between periods, contributing to a doubling of upstream profits from last year’s second quarter.
