ExxonMobil and Chevron reported record massive profits thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, reached $17.6 billion in the second quarter, nearly double what it did in its very profitable first quarter, when oil and gas prices started to rise after the invasion of Ukraine. by Russia.
Second quarter profit increased 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.
Including one-offs, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron earned $11.6 billion.
ExxonMobil’s net income reached $2,245.62 every second of every day for the 92-day quarter. Based on this, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 75 liters of gasoline, that means the two oil giants made over $400,000 between them in the time it took you to fill your tank.
Reuters reported that this was a record profit for both companies – although neither mentioned it in their statement, as companies typically do when their earnings reach all-time highs.
Oil prices have started to fall recently, and gas prices are falling along with them. The American Automobile Association (AAA) puts the average gas price on Friday (29) at $4.26 a gallon.
That’s down 76 cents per gallon, or 15%, from the record $5.02 per gallon achieved on June 14.
But one of the main reasons for this decline is the growing fear among investors trading oil and gasoline futures that the country is heading towards recession.
And if it is, one of the main reasons is that the Federal Reserve is raising interest rates at a historically rapid pace in an effort to rein in inflation.
And high gas prices are one of the main drivers of these price increases.
The US economy has shrunk in size each of the past two quarters, which is popular shorthand for a recession.
While economists are debating whether or not the economy is already in recession, or ahead, many consumers feel that we are already in an economic downturn.
High gas prices are one reason they feel this way.
ExxonMobil shares are up more than 50% this year through Thursday’s close, while Chevron shares have gained more than 30%, making them among the top performers on the Dow Jones industrial average.
Source: CNN Brasil
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