Soaring oil and gas prices in the wake of the Ukraine war helped ExxonMobil post record second-quarter profits. According to its own statement on Friday, the largest US oil multinational earned a bottom line of 17.9 billion US dollars (17.6 billion euros).
The result increased by around 13.2 billion dollars year-on-year. Sales rose by around 70 percent to 115.7 billion dollars. The balance sheet has benefited from higher production and strict cost control, announced Exxon boss Darren Woods.
However, the group increased oil production compared to the previous quarter by an adjusted 4 percent to 3.7 million barrels (159 liters) per day. But prices on the oil and gas market rose rapidly in the first half of the year, which was also due to Russia's war of aggression against Ukraine. A barrel of crude oil cost over 120 dollars at times in the three months to the end of June - the highest level in 14 years.
Chevron is also making significant gains
Thanks to soaring oil and gas prices, Chevron earned its best ever in the second quarter. Profits rose year-on-year from $3.1 billion to $11.6 billion ($11.4 billion), the second-biggest US oil company announced on Friday.
Revenue grew by over 80 percent to $68.8 billion. Chevron increased production, but primarily benefited from significantly higher prices. The company sold crude oil and liquefied gas for an average of $89 a barrel in the three months through the end of June. A year earlier it was only $54.
In view of the high petrol prices and a potentially critical energy supply situation in Europe in the wake of the Ukraine war, however, politicians are critical of the high profits in the oil and gas industry. US President Joe Biden has repeatedly publicly warned the industry and suspected price gouging. In the quarterly report, Chevron boss Mike Wirth said in view of the criticism that the group had doubled its investments compared to the previous year. "Chevron is increasing energy supply to help meet global market challenges."
