Oil giants Exxon Mobil and Chevron reported a fourth consecutive quarter of massive profits on the back of a global energy crunch, The New York Times reported.
The two largest oil companies in the U.S. saw record earnings of $31 billion in profit from oil and natural gas prices and strong chemical and refining earnings.
It marked Exxon’s strongest quarterly result in its 152-year history and Chevron’s second-largest profit on the natural gas rally.
Gas prices continue to be extremely high around the world, skyrocketing after Russia invaded Ukraine.
Exxon’s profit of $19.7 billion from operations topped the previous quarter’s $17.9 billion. The oil giant’s latest quarterly profit was nearly triple what it made in the same period last year. It cited oil and natural gas output as major contributors, along with cost-cutting.
Chevron reported a profit of $11.2 billion in the third quarter, down slightly from the previous quarter but nearly double the year before.
Chevron CEO Mike Wirth called it “another quarter of strong financial performance.”
Oil and gas companies have all been seeing a big stack of cash.
On Thursday, Shell and TotalEnergies reported that their profits in the third quarter were more than double those of the same period the year before.
According to the International Energy Agency, the net income for the world’s oil and natural gas producers is set to double in 2022 from 2021, to a record $4 trillion.
“Today’s high fossil fuel prices have generated an unprecedented windfall for producers,” the agency said in its World Energy Outlook released this week.
The high commodity prices and record profits through much of the year have increased political pressure on oil companies to increase output and lower prices at the gasoline pump.
President Biden has repeatedly called on the companies to produce more, but their responses have been tepid.
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