6.9 C
New York

Exxon (XOM) and Chevron (CVX) earnings Q2 2022

Published:

Exxon and Chevron posted record profits throughout the second quarter of 2022 as high commodity prices boosted operations, and because the oil giants kept spending in check.

Chevron reported earnings of $11.62 billion throughout the three-month period, up from $3.08 billion throughout the second quarter of 2021.

Exxon, meantime, posted second-quarter earnings of $17.9 billion, in comparison with $4.7 billion throughout the year-earlier period.

Chevron shares gained 8% during morning trading on Wall Street, with Exxon advancing 4%.

Chevron’s results beat analysts’ estimates on each the highest and bottom lines. Chevron earned $5.82 per share excluding items on $68.76 billion in revenue. Analysts were expecting the corporate to earn $5.10 per share on $59.29 billion in revenue, in keeping with estimates compiled by Refinitiv.

Exxon beat estimates, earning $4.14 per share excluding items versus the $3.74 per share expected, in keeping with estimates from Refinitiv. But the corporate’s revenue, at $115.68 billion, missed the $132.7 billion analysts were expecting.

A floorhand operates a Chevron oil drilling rig near Taft, California.

Chip Chipman | Bloomberg | Getty Images

The earnings come as energy stocks have faltered in recent months. Recession fears — and what which means for oil and petroleum-product demand — have weighed on the group. The energy sector hit a multiyear high in June, but it surely’s down 18% since then.

Still, energy stocks are by far the top-performing group this 12 months, advancing 35%. Utilities is the second-best performing sector, with only a 2.4% gain.

Energy stocks’ ascent follows a surge in oil and gas prices, which have jumped as Europe looks to maneuver away from Russian fuel.

The businesses’ record quarter is prone to draw further ire from Washington. President Joe Biden has called on firms to boost output, saying they’re keeping prices elevated on the expense of consumers. Surging energy costs have been a key contributor to decades-high inflation.

For his or her part, oil and gas firms say they’re raising output. Additionally they note that they are coping with the identical macro issues — equivalent to labor — playing out across the economy.

“We greater than doubled investment in comparison with last 12 months to grow each traditional and recent energy business lines,” Chevron CEO Mike Wirth said in an announcement.

The corporate’s output within the Permian Basin rose 15% 12 months over 12 months. For its U.S. operations, the common sales price per barrel of oil was $89 throughout the second quarter, up from $54 throughout the same period last 12 months.

The typical selling prices for natural gas surged to $6.22 per thousand cubic feet, up from $2.16 throughout the year-earlier period.

The oil giant also increased guidance for its buyback program, lifting the highest end of the range to $15 billion.

“Earnings and money flow benefited from increased production, higher realizations, and tight cost control,” Darren Woods, chairman and CEO at Exxon, said in an announcement.

“Strong second-quarter results reflect our give attention to the basics and the investments we put in motion several years ago and sustained through the depths of the pandemic,” he added.

Exxon said its oil-equivalent production stood at 3.7 million barrels per day within the second quarter, a 4% increase from the primary quarter.

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img