Lesh
Diamond Member
- Dec 21, 2016
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Exxon Mobil and Chevron report big jump in profits because of higher oil and gas prices. (Published 2022)
Despite pleas from the Biden administration for more supply, both companies said their global production fell in the first three months of the year.
Largely because of soaring oil prices, which rose in the quarter to well over $100 a barrel from $76, the company made $5.5 billion in the first three months of the year — an increase of more than $6 billion from the same quarter in 2021. The company made an $8.9 billion profit in the last three months of 2021.
And you thought the price of gas was high because of lower prodution?
It's higher PROFITS