Oil companies post record earnings as sky-high gas prices linger
Major Western oil companies reported record profits in the second quarter alongside gas prices that have topped a national average of more than $5 a gallon. E
Major Western oil companies reported record profits in the second quarter alongside gas prices that have topped a national average of more than $5 a gallon.
ExxonMobil, Chevron and Shell posted a combined $46 billion in earnings for the second quarter, according to earnings statements from the three companies. Exxon reported $17.9 billion in earnings, Chevron said it earned $11.6 billion.
The London-based Shell said it earned $16.7 billion when the cost of supplies is factored in. Its adjusted earnings for the quarter, which exclude certain price changes and one-time expenses, was $11.5 billion.
ExxonMobil and Chevron's share prices are now just a few dollars short of their year-to-date highs, as the companies promised to increase stock buybacks and pay down debt, actions designed to reward shareholders.
At the same time, the companies say they plan to use their profits to build their energy supplies at a time when they face headwinds from the ongoing war in Ukraine.
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