Exxon’s profit, excluding special items, was $17.6 billion in the second quarter, nearly double what it made in the very lucrative first quarter as oil and gas prices began to rise in the wake of Russian invasion of Ukraine
. Second-quarter earnings rose 273% over the same period last year.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil net income was $17.9 billion, while Chevron brought in $11.6 billion.
ExxonMobil net income was $2,245.62 per second of each day of the 92-day quarter. On that basis, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 20 gallons of gas, that means the two oil giants earned between them more than $400,000 in the time it took to fill the tank.
Reuters reported that this was record profit for both companies – although neither of them mentioned it in their statement, as companies usually do when their profits reach an all-time high.
Oil prices started to fall recently, and gas prices
They fall with them. AAA sets the average gas price on Friday at $4.26 a gallon. That’s a drop of 76 cents a gallon, or 15%, from the record $5.02 a gallon hit on June 14.
But one of the main reasons for this decline is the growing fears among investors who trade in oil and gasoline futures in the country obstacle to stagnation
. And if so, the main reason is that Federal Reserve
It raises interest rates at a historically rapid pace in an attempt to control inflation. The rise in gas prices is the main driver for this Rising prices
The The US economy has shrunk
in the volume of each of the last two quarters, a common abbreviation for a Recession
. Although economists debate whether or not the economy is really in a recession, or whether there is too much waiting Consumers feel
As if we were already in a recession. The high gas prices are one of the reasons they feel this way.
shares ExxonMobil (XOM)
And the chevron (CVX)
Both rose in pre-market trading on better-than-expected earnings. ExxonMobil shares are up more than 50% this year to Thursday’s close, while Chevron shares are up more than 30%, making it among the best performers in the Dow Jones Industrial Average.