Exxon Mobil (XOM, $84.82) is set to announce booming operating profits when its second-quarter earnings are due to be published later this month. In an update filed with the U.S. Securities and Exchange Commission late Friday, Exxon said operating profits would likely rise by $7.4 billion from the three months ending in March when it recorded profits of $8.8 billion. Exxon shares rose 1.25% in premarket trading to show an opening price of $88.65 each. However, shares were marked 3.7% lower in early Tuesday trading to change hands at $84.56 each, a move that would still leave the stock with a year-to-date gain of around 33%.

Exxon said the bulk of the gains — around $4.5 billion — will come from improved margins in the sale of gasoline a diesel, a fact that is likely to elicit further criticism from President Joe Biden. Biden Tweeted recently that "companies running gas stations and setting prices at the pump" should "bring down the price you are charging to reflect the cost you’re paying for the product," a message that was mocked by the U.S. Oil & Gas Association, which claimed it was "written by a WH intern". The integrated energy giant expects its upstream business to generate a maximum of $3.3 billion in additional earnings in the second quarter.

The energy sector is set to produce record earnings over the three months ending in June, with collective profits rising 222.6% from last year to $50.8 billion, according to Refinitiv forecasts, paced by a staggering 762% surge from the oil & gas refining and marketing sub-set. Stoking further fire between bigwigs at oil firms and global government leaders who are all under immense pressure from the public.