Chevron and Exxon post registered quarterly profits as entity prices jumped
Aug 01, 2022: -Exxon and Chevron published document profits during the second quarter of 2022 as high commodity prices increased operations and the oil giants kept their spending in check.
Chevron reports earnings of $11.62 billion in the three months, up from $3.08 billion in the second quarter of 2021.
Meanwhile, Exxon posted earnings of $17.9 billion in the second quarter of 2022, compared to $4.7 billion in the second quarter of 2021.
Friday’s shares of the companies added 3% in the premarket trading.
Chevron’s results beat analysts’ estimates on the top and bottom line. Chevron is earning $5.82 for each share, which excludes items on $68.76 billion in revenue during the second quarter. Analysts expect the company to earn $5.10 per share on $59.29 billion in revenue, according to estimates compiled by Refinitiv.
Exxon beat estimates of $4.14 for each excluding item versus the $3.74 per share expected, according to estimates from Refinitiv. But the revenue of the company, at $115.68 billion, skipped the $132.7 billion analysts were anticipating.
The earnings come as energy stocks have faltered in recent months. The energy sector hit a multi-year high in June, but it’s down 18% since. Recession fears and what that means for oil and petroleum-product demand have weighed on the group.
Still, this year, energy stocks are by far the top-performing group, advancing 35%. The second-best sector is utilities, which have gained just 2.4%.
Energy stocks’ ascent follows a surge in oil and gas prices, which have jumped as Europe looks to move away from Russian fuel.
The companies’ record quarter is likely to draw further ire from Washington. President Joe Biden has called on companies to raise output, saying they’re keeping prices elevated at the expense of consumers. Surging energy costs have been a critical contributor to decades-high inflation.
“We more than doubled investment compared to last year to grow both traditional and new energy business lines,” Chevron chairman and CEO Mike Wirth said in a statement.
The company’s output in the Permian Basin increased 15% yearly. For its U.S. operations, the average sales price per barrel of oil was $89 during the second quarter, up from $54 during the same period last year.
The average selling prices for natural gas surged to $6.22 per thousand cubic feet, up from $2.16 during the second quarter of 2022.
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