U.S. oil majors enjoyed another quarter of monstrous profits on the back of sustained $100-plus per barrel of crude oil and high refining margins.
Chevron and ExxonMobil reported record second-quarter earnings on Friday of $11.6 billion and $17.9 billion, respectively, a huge lift for both oil giants compared to Q2 of last year.Chevron's earnings nearly quadrupled from the $3.1 billion reported a year ago. Exxon's are also up nearly four-fold from the $4.7 billion earned during the same quarter last year.
Oil prices remained consistently above $100 per barrel from April to June, largely due to volatility in the market caused by the war in Ukraine and associated market reorientation as nations gradually shun products from Russia, a top-three global petroleum exporter. President Joe Biden exclaimed in June that Exxon made"more money than God" in the first quarter and pushed it to produce more oil.
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