S&P Capital IQ expected ExxonMobil and Chevron to achieve combined profits of $100 B in 2022 after US oil companies benefited from higher fossil fuel prices in the wake of the Russian-Ukrainian war.
It is expected that “ExxonMobil” will achieve profits exceeding $56 B in 2022, while the profits of “Chevron” may reach $37 B, which are record levels for both companies.
It is noteworthy that the company “Exxon Mobil” had uncovered its plans to buy back shares until 2024 at a value of $50 B, while the company “Chevron” also revealed its intention to buy back shares worth $15 B.
Oil companies reported billions of dollars in profits as prices of crude, natural gas, and fuels such as gasoline approached record levels during the third quarter.
The largest global oil and gas companies, including ExxonMobil, Chevron, and Equinor, made huge profits in the third quarter, benefiting from rising energy costs that boosted inflation around the world and hit consumers hard.