Two of the largest gas companies in the world, Chevron and Exxon Mobil, confirmed today what many expected – record quarterly profits for oil and gas as prices at the pump have soared.
Exxon Mobil and Chevron, the two largest U.S. energy companies, reported record quarterly profits following the spike in oil and gas prices caused mainly by Russia’s invasion of Ukraine. https://t.co/3NoTvu8mfj
— The New York Times (@nytimes) July 29, 2022
From the New York Times:
Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned in the same quarter a year ago. Revenue at the energy giant jumped to $115.6 billion, from $67.7 billion a year ago.
Chevron’s performance was similar, with profit more than tripling to $11.6 billion as sales rose to $65 billion, compared with $36 billion a year ago.
Coming after oil prices nearly doubled from a year ago, the results were expected, but Exxon and Chevron still beat analysts’ predictions for profits in the quarter.
Read the full report here.
It goes without saying that energy prices – with those big signs at the gas stations putting the high cost of gas on display – have been a big driver of the inflation Americans are experiencing and talking about these days.
The energy sector has posted a return of 41.7 percent so far in 2022. The S&P 500 is down nearly 14 percent by comparison.
Exxon’s share price climbed 4.6 percent on today’s news, and Chevron gained 8.8 percent.
President Biden has repeatedly asked gas companies, like Chevron and Exxon Mobil, to NOT take advantage of the current market pressures on gas prices due to the war in Ukraine plus the more-sudden-than-expected ramping up of travel as the coronavirus pandemic has receded.
This seems like the proof we’ve all known was there.
Exxon Mobil was swimming in profits the last few months, reporting that it brought in a record $17.85 in net income during the second quarter, a period in which Americans struggled with painfully high prices at the pump. https://t.co/75OxlzyRJ4
— ABC News (@ABC) July 29, 2022
While you were paying through the nose at the gas pump, Big Oil posted record quarter profits:
Exxon: $17.9 billion
Chevron: $11.6 billion
Shell: $11.5 billion
They’re using the cover of inflation to line their pockets.
Yes, it’s time for a windfall profits tax on Big Oil.
— Robert Reich (@RBReich) July 29, 2022
While you were feeling pain at the pump, Shell, Exxon, and Chevron raked in $46 BILLION in profits over the last three months and said they would spend up to $47 billion on stock buybacks after spending $18.8 billion so far this year. Yes, it’s time for a windfall profits tax.
— Bernie Sanders (@SenSanders) July 29, 2022
As US consumers struggled with gasoline prices that topped $5 a gallon, Exxon net income rose nearly 400% to $17.9 billion in the second quarter https://t.co/sfNrWA9kVt
— Heather Timmons (@HeathaT) July 29, 2022