Exxon, which surpassed its previous quarterly profit record by more than US$3 billion, warned Friday that global energy supplies will remain tight and expensive for the foreseeable future. Chevron, meanwhile, promised investors a massive increase in share buybacks even as it cautioned that the cost of doing business will climb.
Chevron shares jumped as much as 9.5 per cent for the day’s second-best performance in the S&P 500 Index. Exxon rose almost five per cent, bringing its year-to-date advance to 58 per cent.Article content With recession fears gathering pace, the second quarter may end up marking the high point for Big Oil this year. International crude prices jumped above US$120 a barrel during the April-to-June period — a 14-year high — but have since fallen by about 20 per cent. U.S. refining margins also have deflated somewhat since touching all-time highs, though natural gas prices remain elevated around the world.Article content“Exceptional capture of refining margins” drove the profit beat at Chevron.
Chevron’s oil and natural gas-producing division led the way with earnings US$8.6 billion, more than double a year earlier. Refining also had a standout quarter, with a fourfold increase in profit.
Source: Energy Industry News (energyindustrynews.net)
Trudeau & Freeland must be salivating at the amount of revenue they're receiving.
Show the tax revenue being generated as well.
Buy EVs!
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