By posting a net income of $11.68 billion on revenue totaling $138 billion, Exxon Mobil set another record on Thursday, July 31, posting the largest quarterly profit in United States history.

Essentially the oil giant earned $1,485.55 a second and beat its own previous quarterly record for 2007, $11.66 billion. Even with the astounding figures, however, Exxon's numbers fell short of Wall Street predictions for the quarter. On an earnings-per-share calculation, Exxon returned $2.22, some 24 percent above last year.

Analysts had estimated that Exxon would earn a profit of $12.1 billion on revenue totaling $144.4 billion. After the announcement, early trading of Exxon shares on the New York Stock Exchange saw a 2 percent drop in trading.

In a statement issued by the company, Exxon said it was both buoyed and injured by the high price of oil. "Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs."

Oil prices during the quarter stood at double those of the previous year with gasoline prices at the pump up 30 percent.

In terms of expenditures for Exxon, $7 billion in the second quarter went to oil exploration and production, a 38 percent increase. In spite of these efforts, however, oil and natural gas production by Exxon fell 8 percent during the period.