ExxonMobil profits surge to US$17.9b on lofty commodity prices

ExxonMobil profits surge to US$17.9b on lofty commodity prices

In this file photo taken on March 13, 2022, a sign displays the price of gas at an Exxon gas station in Washington, DC. – ExxonMobil’s profits nearly quadrupled to US$17.9 billion in results released on July 29, 2022, that underscored the elevated state of oil and natural gas prices amid commodity market tightness. The US oil giant saw profits of US$4.7 billion in the year-ago period. Revenues rose 68.7 per cent to US$111.3 billion. — AFP pic

Friday, 29 Jul 2022 10:30 PM MYT

NEW YORK, July 29 — ExxonMobil’s profits nearly quadrupled to US$17.9 billion in results released today that underscored the elevated state of oil and natural gas prices amid commodity market tightness.

The US oil giant saw profits of US$4.7 billion in the year-ago period. Revenues rose 68.7 per cent to US$111.3 billion.

ExxonMobil joined rivals Royal Dutch Shell and TotalEnergies in releasing massive second-quarter profit increases in the aftermath of the Russian invasion of Ukraine, which has pressured energy markets.

ExxonMobil’s results were also boosted by a strong performance in its downstream business amid high gasoline prices and limited refining capacity.

“Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” said Chief Executive Darren Woods.

“Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic.”

The oil giant, which endured a series of quarterly losses early in the pandemic when petroleum demand cratered, is prospering following the turn in the market.

During the quarter, ExxonMobil benefited from a 71 per cent surge in crude price realizations compared with the year-ago period and a 186 per cent increase in natural gas.

The refining business, which lost money in the 2021 quarter, notched US$5.3 billion in profits.

Shares of ExxonMobil jumped 2.6 per cent to US$95.03 in pre-market trading. — AFP