Major US oil and gas companies ExxonMobil and Chevron posted record profits in the second quarter on the back of higher energy prices. In doing so, they are following in the footsteps of Shell and TotalEnergies, among others, who also set records due to higher oil and fuel prices.
Exxon, the largest oil company in the United States, had a net profit of $17.9 billion, with total revenue of $115.7 billion. This means that the profit is three times higher than the previous year and the previous record of 2008 has been surpassed. To allow shareholders to share in the higher dividend, the Texas corporation is participating in a $30 billion share buyback program.
Chevron made $11.6 billion in profit, a fourfold increase from last year. Revenue was $68.6 billion. Chevron is also involved in multi-billion dollar share buybacks.
Oil companies have been criticized by US President Joe Biden for doing so little to address rising pump fuel prices and increasing oil production. Biden said they are making billions in profits at the expense of consumers.
Exxon CEO Darren Woods said billions of dollars were lost during the coronavirus pandemic in 2020 with lower oil prices and that the company is now making huge investments to increase production and refining capacity. CEO Mike Wirth made similar comments. For example, Exxon and Chevron are ramping up oil production in the shale field in the oil-rich Permian Basin, which is largely located in West Texas.
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