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  • Home
  • News
    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

    How Pelosi’s trip to Taiwan could impact global markets?

    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

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    OPEC+ raises oil production target by 100,000 barrels per day

    G7 proposes to block Russian oil transit

    G7 proposes to block Russian oil transit

    Oil trades higher ahead of key OPEC+ meeting

    Oil trades higher ahead of key OPEC+ meeting

    Oracle joins the wave of layoffs in large companies

    Oracle joins the wave of layoffs in large companies

    Chinese reunification would be a nightmare for the West

    Chinese reunification would be a nightmare for the West

    Gazprom announces “immediate suspension” of gas delivery to Latvia

    Gazprom announces “immediate suspension” of gas delivery to Latvia

  • Markets
    OPEC+ raises oil production target by 100,000 barrels per day

    OPEC+ raises oil production target by 100,000 barrels per day

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    G7 proposes to block Russian oil transit

    S&P 500: Top 4 sectors to invest in 2022

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    Janet Yellen: “We are not seeing a recession at this time”

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    Inflation in the eurozone was 8.9% in July

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Leading oil companies report extraordinary profits in the quarter

Exxon Mobil and Chevron reported great results in the last period. The same is true for European oil companies

Eric Nesich by Eric Nesich
7/29/2022 - 12:03
in News
Reading Time: 1 min read
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  • Leading oil companies report record earnings.
  • Both in America and Europe have benefited from the inflationary context.
  • Chevron and Exxon Mobil will continue to buy back shares.

Exxon Mobil and Chevron reported record earnings on Friday, encouraged by the increase in oil and natural gas prices. Their good results coincide with those of European companies in the sector.

Combined with Britain’s Shell and France’s TotalEnergies, they earned $51 billion in the quarter. This is double the year-on-year figure. The four oil companies boosted their share buybacks in recent months by taking advantage of excess liquidity thanks to oil and gas sales.

Exxon Mobil posted a net profit of $17.9 billion surpassing its own 2012 record. The increase in Brent oil futures was a key element in obtaining this result.

Generally, the high prices that crude oil currently maintains reduce the profit margins of large oil companies. The cost of refining is one of the main items. However, due to the war between Russia and Ukraine and the rise in prices, they have benefited.

Exxon’s earnings per share were $4.14 dollars per share, beating analysts’ projections of $3.98 dollars per share. Chevron posted net income of $11.6 billion, beating its own 2008 record by 50%.

Chevron’s oil and gas production brought in $8.6 billion, just over twice as much money as last year. Refining increased its earnings fourfold.

The company’s earnings per share came in at $5.82, a number above analysts’ projections of $4.96 per share. Chevron reported that it will repurchase shares for $5 billion. Exxon will also follow suit.

These extraordinary results of the oil companies are supported by the energy crisis that the world is going through, with an increase in energy prices that have led to a worldwide inflationary spiral.

Chevron CEO Mike Wirth explained the phenomenon: “We more than doubled investment compared to last year to grow all of our traditional and new energy business lines,” Wirth said in the earnings report. “Chevron is increasing energy supply to help meet the challenges facing global markets,” he concluded.

Tags: ChevronExxonMobilNatural GasOil

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