he three biggest western world oil companies Exxon Mobil, Chevron and Shell rose in aggregate and delivered financial results in the second quarter of the year as fuel and energy prices rose around the world.
Profits for the world’s largest oil companies have had a shocking impact on consumers facing skyrocketing petrol prices and utility bills that could reach more than £3,880 next year at the UK’s highest. The Russian invasion of Ukraine has also created global logistical problems for oil and gas supplies.
America’s largest oil company Exxon, which operates the Esso brand in the UK, saw profits soar to $17.9 billion the most successful quarter and nearly four times higher than the $5.5 billion figure for the year-ago quarter.
“Profit and cash flow benefited from increased production, higher realizations and tight cost control,” said Darren Woods, chairman and CEO of the company.
“Strong second quarter results reflect our focus on the fundamentals and investments we initiated several years ago and sustained through the depths of the pandemic.”
Exxon’s oil rival Chevron, owner of Texaco, also posted a record profit of $11.6 billion, which also rose to nearly four times the amount of $3.1 billion in the same period last year.
Mike Wirth, Chevron’s chairman and chief executive officer, said: “We have more than doubled investment from last year to grow both traditional and new energy businesses. Chevron is increasing its energy supply to meet the challenges facing global markets.”
Yesterday, British oil giant Shell posted a second consecutive record profit of $11.5 billion in the second quarter, up from $9.1 billion the previous quarter.
“With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments and businesses alike.
“That’s why we’re using our financial strength to invest in the secure energy supply the world needs today, taking real bold steps to reduce carbon emissions, and transforming our business for a low-carbon energy future,” said Shell CEO Ben van Beurden.