ExxonMobil and Chevron both report massive profit jumps thanks to record gasoline prices during the quarter
Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
AAA puts the average gas price Friday at $4.26 a gallon. That's down 76 cents a gallon, or 15%, from the record of $5.02 a gallon reached on June 14.Oil drops below $100 a barrel for first time since early MayBut one of the major reasons for that decline is growing fears among investors trading in oil and gasoline futures that the nation is hurdling toward recession.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacksThe two largest U.S. oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier. All four have ramped up share buybacks in recent months, capitalizing on high margins derived from selling oil and gas. Exxon outpaced its rivals with second-quarter net income of $17.9 billion, several billion dollars ahead of its previous record reached in 2012, which was aided by asset sales in Japan.
Leer más »
Vaccine Equity Activists Denounce Pfizer's 'Obscene' Pandemic Windfall'Companies like Pfizer will always put high profit before lives,' said MohgaKamalYanni after the pharma giant announced record second-quarter revenue, much of it from Covid-19 vaccines and treatments still scarce in large parts of the Global South.
Leer más »
TotalEnergies Q2 profits surge and company announces more share buybacksTotalEnergies posted a surge in second-quarter profits, joining others in its sector which have benefited from higher energy prices, and announced more share buybacks for the third quarter.
Leer más »
Apple's Mac and wearables revenue stumbles as tech sector recedes | EngadgetApple broke a new revenue record this quarter, but profits are down..
Leer más »
New poll shows that Black and Latino Californians were hit hardest by high gas pricesNew poll shows that Black and Latino Californians were hit hardest by high gas prices.
Leer más »