Exxon posts highest profit in more than a year

FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo

(Reuters) – Exxon Mobil on Friday posted its first quarterly results following a contested board fight over its direction, registering its biggest profit in more than a year on rebounding demand for oil, gas and chemicals.

The company’s net income for the second quarter came in at $4.69 billion, or $1.10 per share, compared with a loss of $1.08 billion, or 26 cents per share, a year ago, which included a gain related to reversing an inventory writedown. Absent the inventory change, the loss would have been $3 billion.

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