money ExxonMobil and Chevron see profits sky-rocket as Americans struggle with record gas prices
ExxonMobil and Chevron have reported a massive leap in profits as Americans struggle with record high gas prices at the pump.
Exxon reported second-quarter profits of $17.6 billion - close to double its first quarter. Profits were up 273 per cent on the same period of 2021.
Chevron made $11.4bn - up 74 per cent from the first quarter of 2022, and 247 per cent on the same quarter last year.
Shell also reported record profits of $11.5bn, more than doubling earnings from $5.5bn in April-June 2021. Profits were up from $9.1bn in the first quarter of 2022.
“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” said Darren Woods, Exxon’s chairman and chief executive officer, in a statement.
“Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic.”
Meanwhile, families are facing a cost of living crisis over basic necessities. Gas prices have soared in the US this year, with the average now at $4.26 a gallon.
“Exxon made more money than God this year,” President Joe Biden noted at the White House last month.
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