The three largest oil companies in the Western world, Exxon Mobil, Chevron, and Shell, combined, surged to record their financial results in the second quarter of the year as fuel and energy prices spiked worldwide.
The profits of the biggest global oil companies have hit consumers hard in the face of soaring petrol prices and energy bills that could reach more than £3,880, the highest in the UK in 2015. next. Russia’s invasion of Ukraine has also caused global logistical problems for oil and gas supplies.
The largest US oil and gas company Exxon, which runs the Esso brand in the UK, saw earnings grow to $17.9 billion in its most successful quarter and nearly four times the $5.5 billion figure. of the same quarter of last year.
“Earnings and cash flow benefit from increased production, greater realism and tight cost control,” said Darren Woods, the company’s president and chief executive officer.
“Strong second-quarter results reflect our focus on fundamentals and the investments we made several years ago and sustained through the depths of the pandemic.”
Exxon’s oil rival, Texaco-owned Chevron, also took the lead with today’s record profit (Friday) of $11.6 billion, also jumping nearly four times from $3.1 billion. in the same period last year.
“We have more than doubled our investment compared to last year in growing both our traditional and new energy businesses,” said Mike Wirth, President and CEO of Chevron. Chevron is ramping up its power supply to help meet the challenges facing the global market.”
Yesterday, British oil giant Shell posted a second consecutive record of profit at $11.5 billion in the second quarter, up from $9.1 billion in the previous quarter.
“With the volatile energy market and the need for continued action to tackle climate change, 2022 continues to pose enormous challenges for consumers, governments and companies.
“We are therefore using our financial strength to invest in the secure energy supplies the world needs today, taking real, bold steps to cut our carbon footprint and transforming our company for a low-carbon energy future,” said Shell CEO Ben van Beurden.