Last week, ExxonMobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion, reports the Associated Press. The sky-high profits come one day after the U.K.’s Shell shattered its own profit record.
ExxonMobil, which is based in Texas but employs thousands in the Baton Rouge area, increased its oil and gas production as crude prices hovered above $100 a barrel. Revenue at ExxonMobil skyrocketed to $115.68 billion, up from $67.74 billion during the same quarter last year.
Natural gas and liquefied natural gas prices are also elevated due to Russia’s invasion of Ukraine and ensuing sanctions against Russia, a major supplier of natural gas. Many European nations have been scrambling for alternatives to Russian natural gas, and have been competing for boatloads of LNG, driving up prices for natural gas both globally and in the U.S.
In addition to oil company executives, shareholders reaped benefits of high energy prices during the quarter, too. ExxonMobil earned $4.21 per share, exceeding analyst expectations of $4.02 per share, according to analysts polled by Factset. Chevron earned $5.95 per share, exceeding analyst expectations of $5.16 per share. Shares of both companies jumped another 3% before the opening bell Friday.
ExxonMobil CEO Darren Woods attributed the company’s success to its investments in oil and gas fields in Guyana and the Permian Basin, as well as its investments in liquefied natural gas, which has been in high demand globally. Read the full story.
