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ExxonMobil scores enormous profit on record gas prices

by WOOWinvest
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ExxonMobil scores enormous profit on record gas prices

Exxon’s second-quarter profit, excluding special items, hit $17.6 billion, nearly double the lucrative first-quarter profit, as oil and gas prices began to soar following Russia’s invasion of Ukraine. Second-quarter profits rose 273% year over year.

Chevron’s revenue excluding special items was $11.4 billion, up 74% from the first quarter and up 247% from the same period last year.

Including one-time items, revenue for both increased by hundreds of millions of dollars: Exxon Mobil’s net income hit $17.9 billion, while Chevron brought in $11.6 billion.

During the 92-day quarter, Exxon’s net income reached $2,245.62 per second. On this basis, Chevron earns $1,462.11 per second.

Since it takes about two minutes to pump 20 gallons of gas, that means more than $400,000 in revenue between the two oil majors in the time you fill up the tank.

Reuters reported that was a record profit for both companies — although neither was mentioned in their statements, as companies typically do when earnings are at an all-time high.

Oil prices have recently started to fall, and natural gas prices have followed suit. The AAA set Friday’s average gasoline price at $4.26 a gallon. That’s 76 cents, or 15 percent, below the June 14 record of $5.02 a gallon.
But one of the main reasons for the decline is growing concern among investors who trade oil and gasoline futures that the country is heading for a recession. If so, a major reason is that the Fed is raising rates at the fastest pace in history to keep inflation in check. High oil prices are the main driver of these price increases.
The U.S. economy has contracted in each of the past two quarters, a popular shorthand for recession. While economists are debating whether or not the economy is already in a recession, many consumers believe we are already in a recession. High oil prices are one of the reasons they feel this way.
of shares Exxon Mobil (XOM) up 4% and Chevron (CVX) It was up 8% in midday trade on better-than-expected earnings. Exxon Mobil shares are up more than 50% this year through Thursday’s close, while Chevron shares are up more than 30%, making them one of the top performers on the Dow Jones Industrial Average.

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