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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Exxon And Chevron Smash Profit Records

  • U.S. supermajors ExxonMobil and Chevron both reported their highest-ever quarterly profits on Friday.
  • Higher oil and gas prices, the highest refining margins in years, increased production, and aggressive cost control all contributed to the record-breaking profits at Exxon.
  • Chevron also reported record-breaking profits, announcing an increase in share buybacks.

U.S. supermajors ExxonMobil and Chevron both reported their highest-ever quarterly profits on Friday as oil and gas prices rallied and refining margins jumped to multi-year highs in the second quarter.

ExxonMobil (NYSE: XOM) beat analyst expectations and booked second-quarter earnings of $17.9 billion, or $4.21 per share assuming dilution. This is nearly quadruple the $4.69 billion earnings for the second quarter last year, and more than triple the earnings from the first quarter of this year. Exxon’s per share earnings easily beat the analyst consensus of $3.84.

Higher oil and gas prices, the highest refining margins in years, increased production, and aggressive cost control all contributed to the record-breaking profits at Exxon, which beat its previous quarterly earnings record from 2012 and the quarterly profits from 2008, when Brent prices hit a record $147 per barrel.

Second-quarter earnings were “driven by a tight supply/demand balance for oil, natural gas, and refined products, which have increased both natural gas realizations and refining margins well above the 10-year range,” Exxon said.

The U.S. other supermajor, Chevron (NYSE: CVX), also posted record earnings beating analyst forecasts, thanks to high oil and gas prices and tight fuel markets driving multi-year high refining margins.

Chevron booked adjusted earnings of $11.4 billion, or $5.82 per share, for the second quarter, up from $3.3 billion earnings, or $1.71 per share, for the same period of 2021. The analyst consensus was for $5.08 EPS for this past quarter.

Chevron increased the top end of its annual share repurchase guidance range to $15 billion, up from the $10 billion guidance from March.

Following the results release, Chevron stock was up by more than 3.5% pre-market on Friday, while Exxon was advancing by 2.5%.

The record earnings from the U.S. supermajors add to similarly strong earnings from the European majors, each of which reported much higher profits as commodity prices rallied.

By Tsvetana Paraskova for Oilprice.com


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  • George Doolittle on July 29 2022 said:
    Well hopefully borrowing costs move against the "blowout 2022" as even a mild recession is brutally bad news for the domestic USA energy market. Worse still is a massive tax increase passed on top of all this. The USA has done well in some cases *CUTTING EXCISE TAXES* (i think on fuel) but not nearly to the extent to which JFK did that in 1962 which is what is needed *RIGHT NOW* and going on forever in the USA.

    Anyhow so far no major follow on crash in the US equity market indeed somewhat true in the US Treasury market 2022...but August and September are hardly reasons to be cheery in regard to risk on oil and natural gas. Plus all of this market manipulation going unpunished indeed encouraged, well...these are still US Dollars and Vengeance of Uncle Buck is no small matter in the USA would be an understatement.

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