ExxonMobil, America’s largest oil company, posted a record profit for the second straight quarter. Because oil and gas prices are still high. No. 2 US oil company Chevron also posted a much better-than-expected performance.
ExxonMobil earns $18.7 billion. Excluding special items, up 6% from second-quarter results, which has been recorded and up 177% from a year ago. Earnings per share of $4.45 beat expectations of $3.79 by analysts polled by Refinitiv.ExxonMobil sets another profit record as oil prices
Chevron
(CVX)The second largest oil company in the country Reported dramatically skyrocketing income which easily exceeded expectations. Adjusted revenue of $10.8 billion was nearly double from $5.7 billion a year ago. But it was slightly below the $11.4 billion earned in the second quarter, earnings per share of $5.56 easily above expectations of $4.81.
Oil companies are making shocking profits. Since Russia invaded Ukraine As a result, oil and gasoline prices rose around the world earlier this year. During the six months from April to September ExxonMobil has adjusted profit of about $2,300 per second. while Chevron earns $1,400 per second.
As it takes about 2 minutes to pump 20 gallons of gas, it means that between the two oil giants more than $400,000 has been paid between them. During the time it takes to fill the gas tank in many large SUVs or pickup trucks.
For the second consecutive quarter ExxonMobil did not mention it achieved record profits. Because companies Usually do when they hit record highs. Reuters reported three months ago that the second quarter posted record profits for both companies.
Chevron has yet to mention its record gains in the previous period. with consumer dissatisfaction with high oil prices Both companies may want to avoid calling attention to record profits.
However, ExxonMobil has reported exports for its refinery. Oil companies face claims from Biden Administration and parliament To increase the supply of gasoline and other oil products in the face of high prices and low supply caused by the Russian invasion of Ukraine.
Oil companies are generally slow to increase crude oil production. By choosing to take the profits received and return to the shareholders through share repurchase and dividends to support the share price.
ExxonMobil said it paid $11.2 billion in dividends to buy back $10.5 billion of its shares this year as part of a $30 billion buyback plan by the end of next year. At the same time, only $15.2 billion was spent on exploration and capital expenditure.
But oil companies are keen to process as much oil as they can through refineries. This is because retail prices and refining margins are high. Most of the excess oil comes from about 1 million barrels per day of oil released from Petroleum Reserve StrategyThe country’s emergency oil depot.
The real US retail oil price dropped a lot in this quarter after hitting record $5.02 on June 14, prior to the start of the quarter. Much was driven by growing concerns among oil traders that the United States And the world economy may soon enter a recession.
Travel and fuel demand and other products Although the price of oil fell sharply during this quarter. but still better than the previous year’s level Like the price before Russia invaded Ukraine.
ExxonMobil shares are up 76% so far this year, and up another 2% in midday trading. Chevron shares are up 56% year-over-year. There was little change in trading on Friday.
