New York, Jul 29 (BUS): ExxonMobil has been swimming in earnings in the past few months, reporting on Friday $17.85 in net income during the second quarter, a period when Americans struggled with painful price hikes at the pump. .
Irving, Texas, has increased its oil and gas production with crude oil prices hovering above $100 a barrel, the Associated Press (AP) reported.
Revenue jumped to $115.68 billion in revenue, up from $67.74 billion during the same quarter last year.
Natural gas and LNG prices have also risen due to the Russian invasion of Ukraine and the ensuing sanctions against Russia, a major supplier of natural gas.
Exxon earned $4.21 a share, beating analyst expectations of $4.02 a share, according to analysts polled by FactSet.
CEO Darren Woods attributed the company’s success to its investments in oil and gas fields in Guyana and the Permian Basin, as well as its investments in liquefied natural gas, which was in high demand globally with prices rising.
“We are also helping meet increased demand by expanding our refining capacity by about 250,000 barrels per day in the first quarter of 2023 — the single largest addition to the US industry since 2012,” Woods said in a prepared statement.
One reason gasoline prices are soaring is that there are fewer refineries operating in the United States than there were before the pandemic, so there is a limit to the amount of gasoline that can be produced.
When a gallon of gasoline rose above $5 a gallon last month, President Joe Biden blamed major oil producers, saying, “Exxon made more money than God this year.”
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