Posted on by Randy Slovacek

Chevron & Exxon Mobil Report Record Quarterly Profits

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.
(stock image via Depositphotos)

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.

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.