Exxon far exceeded previous expectations and earned Record profits in the third quarter of the year.
The profits of the US oil company almost matched those of the technology giant Apple in the same period.
That’s right, the increase in the price of gas and oil with the conflict in Eastern Europe boosted revenue for Exxon, which posted a net profit of $19.6 billion in just the three months between July and September, almost the same as the 20.69 billion earned by Apple, the largest US company in the United States by market value.
Until 2013, Exxon was the largest US company listed on Wall Street by market value, a position it later lost to iPhone maker Apple.
After years of decline, the profits of companies linked to oil have skyrocketed this 2022 from an increase in demand with the exit of the pandemic and an energy market with little supply due to Western sanctions on Russia for the war in Ukraine.
In this scenario of energy chaos in Europe, US oil and gas exports to the Old Continent grew exponentially and promise to continue breaking historical profit records for that industry.
The Q3 2022 financial report of Exxon and that of Manzana.
Exxon continues to bet on fossil fuels
Exxon, the largest US oil producer, posted earnings per share of $4.70, beating previous expectations of $3.90.
The greatest boost was achieved thanks to a strong growth in natural gas profits, to the fact that prices remain very high and to the important sale of fuel in the domestic market.
Exxon had already led second-quarter earnings among calls “Majors“, the five major oil producers including Shell and Total Energies, but in the third quarter the difference was stark: Exxon earned twice as much as the other majors.
Its profits were boosted by the criticized decision to continue investing in fossil fuels while its competitors in Europe are targeting renewable energy.
Exxon posted revenue of $43 billion in the first nine months of 2022, 19 percent more than the same period in 2008, when crude oil was worth more than $140 during the mortgage crisis.
Exxon has not stopped investing in oil and gas projects. The company spent $5.7 billion on new initiatives last quarter, 24 percent more than a year ago.
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