The following is a fact-check from the 5/23 episode of Meet the Press.

REP. JOE SESTAK (D-PA) | Oil companies are currently having record profits. – HALF TRUE

MR. GREGORY:  …which is what specific, painful choice would you advocate as United States senator to deal with the debt?

REP. SESTAK:  Close those tax loopholes.  All right?  Carried interest for Wall Street upwards of $80 billion to $100 billion a year, they get taxed at 15 percent.  Eighty billion dollars for tax loopholes for oil companies that literally have record profits, $352 billion a year that’s not collected in taxes from small businesses and individuals…(unintelligible)…corporations.

So thanks to for looking into this one:

It’s true that ExxonMobil, Chevron, BP, ConocoPhillips and Shell all saw big jumps in net income in 2010 compared with 2009 – but they’re still not earning what they did back in 2008. And for nearly all of those companies, 2007 first quarter earnings were higher than the most recent profits posted as well. Here’s our chart on oil companies’ profits, drawn from their filings with the Securities and Exchange Commission and company reports:

The chart created:

We agree with their analysis and rate Rep. Sestak’s misleading statement as HALF TRUE. Yes the oil companies are going through a several year period during which they have had record profits, but not specifically last or this year.

This fact-check took a combined 15 minutes.