ExxonMobil (NYSE: XOM) reported a third-quarter profit of almost USD20 Billion, which is USD4 Billion more than analysts had expected. Rival Chevron also posted better-than-expected financial results.
The multinational oil and gas corporation ported earnings of USD4.45 per share, compared to the expected USD3.80 a share. Revenue amounted to USD112.07 Billion, higher than analysts anticipated USD102.96 Billion.
“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” commented Darren Woods, chairman, and chief executive officer. “We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.”
Oil companies have been posting large profits since Russia’s invasion of Ukraine caused oil and gasoline prices to rise drastically early this year. Sanctions on Moscow have urged global economies to search for other sources of energy, gas, and oil, ultimately pushing oil companies to record high earnings.
“The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers. Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter. At the same time, we are expanding our Low Carbon Solutions business with the signing of the largest-of-its-kind customer contract to capture and permanently store carbon dioxide, demonstrating our ability to offer competitive emission-reduction services to large industrial customers around the world,” concluded Woods.