Oil companies Exxon and Chevron are benefiting from higher oil and gas prices.
(Photo: Reuters)
Houston, Sam Ramon Thanks to the sharp rise in energy prices, the US oil companies Chevron and Exxon Mobil earned more than ever before in the second quarter. Chevron’s profit rose year-on-year from $3.1 billion to $11.6 billion, the company announced on Friday. Sales grew by over 80 percent to $68.8 billion. Chevron increased production, but primarily benefited from significantly higher prices. The company sold a barrel of crude oil and liquefied gas for an average of $89 in the three months to the end of June. A year earlier it was only $54.
The oil company Exxon Mobil even almost quadrupled its profit in the second quarter. The company announced on Friday that this is not only due to rising energy prices worldwide, but also to restrictive cost management. The oil producer reported net income of $17.9 billion for the three months ended June, compared to $4.69 billion for the same period last year. The result also surpassed the record value from the time of the financial crisis in 2008, when Brent crude oil reached an all-time high of $147 per barrel on the stock exchange. A barrel of Brent currently costs $109.
US President Biden suspects oil companies of price gouging
In view of the high petrol prices and a potentially critical energy supply situation in Europe in the wake of the Ukraine war, however, politicians are critical of the high profits in the oil and gas industry. US President Joe Biden has repeatedly publicly warned the industry and suspected price gouging. When Exxon reported its highest profit in seven years for the first quarter, US President Joe Biden criticized the oil companies for capitalizing on the global supply shortage and making high profits. Exxon makes “more money than God,” Biden said at the time.
In the quarterly report, Chevron boss Mike Wirth said in view of the criticism that the group had doubled its investments compared to the previous year. “Chevron is increasing energy supply to help meet global market challenges.”
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Oil and natural gas prices reached multi-year highs this year after Western sanctions against the important oil exporter Russia put further pressure on the already strained world market. Fuel manufacturing margins skyrocketed around the world, boosting the profits of oil giants like Shell, TotalEnergies and Chevron.
More: Exxon Mobil boss on the energy future: Wind and solar alone are not enough
