At $112.07 billion, revenue was even twice as high as in the same period last year.
(Photo: Reuters)
new York The explosion in oil and gas prices is fueling the business of the US energy company Exxon Mobil. The company posted net income of $19.66 billion in the third quarter. The profit was above analysts’ expectations and almost in line with iPhone maker Apple’s earnings of $20.7 billion.
At $112.07 billion, revenues were even twice as high as in the same period last year, Exxon announced on Friday.
Exxon benefited from the sharp rise in gasoline prices in the USA since the Russian war of aggression in Ukraine. In addition, significantly more liquefied natural gas was exported to Europe and Asia. Exxon CEO Darren Woods said the good result was the fruit of the hard work of the group’s employees to meet global demand.
Crude oil started the quarter at $100 a barrel and neared $80 by late September.
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On Thursday, French group Totalenergies reported a third-quarter net profit increase to $6.6 billion, despite losses due to a withdrawal from a project in Russia.
The second-largest US oil company, Chevron, also made excellent profits from the high prices in the third quarter. Although the bottom line profit was slightly below the record value from the previous quarter, it was higher than the analysts had expected. The surplus climbed more than 80 percent to $11.2 billion in the three months ended September, Chevron said on Friday. Industry experts had only expected an increase of 55 percent.
In September, the EU agreed to siphon off chance profits from energy producers in order to provide financial support to households and companies affected by high energy prices.
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