After the European majors, ExxonMobil and Chevron generate colossal profits

After the European majors, ExxonMobil and Chevron make colossal profits


After the “superprofits” of the European majors, the American hydrocarbon giants ExxonMobil and Chevron posted even juicier profits in the third quarter, 30.9 billion dollars between them, thus exposing themselves to new criticism from the US administration. 

ExxonMobil earned $19.7 billion in the period, a level never seen before, while Chevron earned $11. 2 billion in profits, just below its record of the previous quarter.

Under the effect of soaring energy prices in the wake of the war in Ukraine, European groups also did well: Shell posted a net profit of 6.7 billion, TotalEnergies 6, 6 billion and ENI of 5.9 billion. 

This situation contrasts with that of two years ago, when the fall in energy prices at the start of the pandemic led to heavy losses for hydrocarbon groups. 

It could, however, rekindle tensions with the US administration, with President Joe Biden regularly criticizing the oil majors for the hefty profits they reap without bothering to increase their production to bring down prices for consumers. 

As the midterm elections approach, when inflation is the main concern of Americans, his administration is trying to lower prices at the pumps. He thus recently announced that the United States would continue to draw on their strategic reserves, once again scratching the profits of players in the sector. 

The American groups, for their part, claim to participate in the collective effort by increasing the volumes pumped in the United States. 

But these groups are also under pressure from investors asking that they limit their expenses and civil society actors campaigning for a reduction in their production in order to limit CO2 emissions.

Like all the oil majors, ExxonMobil and Chevron are taking advantage of the recent surge in energy prices. 

The latter is settling a little on the crude side: the barrel of black gold listed in New York, boosted since the beginning of the year by the sanctions imposed on Russia after the invasion of Ukraine, traded over the period between around 80 and 105 dollars, which is less than in the previous quarter. 

Natural gas prices, on the other hand, have climbed in Europe, with ExxonMobil pointing out that they were driven by “supply concerns” in the region “and the efforts made to r inflate stocks as winter approaches”.