Foreign currency effects increased earnings by $668 million. Included in the current quarter were charges associated with an early contract termination of $600 million, pension settlement costs of $11 million, and a gain on asset sales of $200 million. Natural gas futures rose in early trading as preliminary estimates for storage data week-ending today has a build of +25 Bcf to +35 Bcf vs the 5-year average of +33 Bcf.Ĭhevron reported earnings of $11.6 billion ($5.95 per share – diluted) for second quarter 2022, compared with $3.1 billion ($1.60 per share – diluted) in second quarter 2021. A weaker dollar and stronger equities also lent support to oil prices, although the rally in oil could stall as recession fears and COVID flare-ups in China slow demand and counter supply risks from sanctions on Russia and OPEC+ output constraints. OPEC+ sources said the group will consider keeping oil output unchanged for September, with two OPEC+ sources saying a modest increase would be discussed. WTI and Brent crude oil are up in early trading as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. Exxon outpaced its rivals with second-quarter net income of $17.9 billion, several billion dollars ahead of its previous record reached in 2012, which was aided by asset sales in Japan. All four have ramped up share buybacks in recent months, capitalizing on high margins derived from selling oil and gas. pair, along with UK-based Shell and France’s TotalEnergies, combined to earn nearly $51 billion in the most recent quarter, almost double what the group brought in for the year-ago period.
oil companies, Exxon Mobil and Chevron Corp, posted record revenue, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier. stocks futures gained as positive forecasts from Apple and Amazon indicated resilience in mega-cap companies in the face of weaker consumer spending, with hopes of a less aggressive monetary policy boosting sentiment. The energy sector is poised for a higher start supported by strength in the crude complex and in the major market indices.
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