odanny
Diamond Member
Just remember when Fox News tells you that high prices are all Biden's fault, that companies like Exxon and Chevron are merely protecting themselves from him by passing on higher costs to you. It's really Biden's fault.
Exxon Mobil and Chevron, the largest U.S. oil companies, reported on Friday a fourth consecutive quarter of robust profits on the back of high oil and natural gas prices and strong chemical and refining earnings.
But the companies remain cautious as they face uncertain future prices because of a weakening global economy and international conflict.
Exxon’s profit of $19.7 billion from operations topped the previous quarter’s $17.9 billion. The oil giant’s latest quarterly profit was nearly triple what it made in the same period last year. It cited oil and natural gas output as major contributors, along with cost cutting.
The company said its production in the Permian Basin of Texas and New Mexico was its highest ever, as was the volume of its North American refining. “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers,” Darren Woods, the chief executive, said in a statement.
The company said it was continuing a policy of disciplined investing, not budging from budget plans set before oil prices spiked following the Russian invasion of Ukraine. Mr. Woods said the company was committed to “rigorous cost control.”
www.nytimes.com
Exxon Mobil and Chevron, the largest U.S. oil companies, reported on Friday a fourth consecutive quarter of robust profits on the back of high oil and natural gas prices and strong chemical and refining earnings.
But the companies remain cautious as they face uncertain future prices because of a weakening global economy and international conflict.
Exxon’s profit of $19.7 billion from operations topped the previous quarter’s $17.9 billion. The oil giant’s latest quarterly profit was nearly triple what it made in the same period last year. It cited oil and natural gas output as major contributors, along with cost cutting.
The company said its production in the Permian Basin of Texas and New Mexico was its highest ever, as was the volume of its North American refining. “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers,” Darren Woods, the chief executive, said in a statement.
The company said it was continuing a policy of disciplined investing, not budging from budget plans set before oil prices spiked following the Russian invasion of Ukraine. Mr. Woods said the company was committed to “rigorous cost control.”
What We Learned About the Economy This Week (Published 2022)
Fresh data on inflation and growth, and actions by policymakers , created a complex picture of the global economy.
