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Exxon and Chevron post highest-ever quarterly profits in second quarter

 Last Update: 2022-08-16
 Source: Internet
 Author: User

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Higher oil and gas prices, highest refining margins in years, increased oil and gas production and aggressive cost control are all reasons for ExxonMobil's record profits

Chevron also posts record profit and announces increased share buybacks

Exxon Mobil Corp's second-quarter net profit topped analysts' estimates, reporting second-quarter earnings of $19 billion, or $21 per sha.

Rising oil and gas prices, refining margins at their highest levels in years, rising oil and gas production, and aggressive cost control have all contributed to Exxon's record profits, beating the previous record in 2012 and 200 A record quarterly profit, when Brent hit a record $147 a barr.

Exxon Mobil Corp said its second-quarter earnings were "driven by tight supply-demand balances for oil, gas and refined petroleum products, which pushed gas realization and refining margins well above the 10-year ran.

Other.

Chevron's second-quarter adjusted earnings were $14 billion, or $82 a share, up from $3 billion, or $71 a share, in the same period in 202 The analyst consensus sees Chevron earning $08 per share last quart.

Chevron raised the upper end of its annual share buyback guidance range to $15 billion from $10 billion in Mar.

While.

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