: Unprecedented Profit for Major Oil Drillers as Prices Soared #WorldNEWS Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food, and

Unprecedented Profit for Major Oil Drillers as Prices Soared #WorldNEWS
Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food, and other basic necessities.
On Friday, Exxon Mobil booked an unprecedented . 85 billion profit for the second quarter and Chevron made a record . 62 billion. The sky-high profits come one day after the U. K. s Shell shattered its own profit record.
Soaring energy prices have rattled consumers and become a political flash point. Last month, President Joe Biden said that “Exxon made more money than God this year.
Consumers are facing high fuel prices not just at the pump, but soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper.
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Inflation is already changing where Americans go and what they eat. Its also changing the way they consume energy.
Two-thirds of Americans changed their driving habits and lifestyle, with the vast majority choosing to drive less or combine errands, said AAA spokesman Andrew Gross. Among those surveyed by AAA, 2% said they bought an electric vehicle since March, he said.
Read more: High Gas Prices Are Discouraging Americans From Buying Cars Right Now
“They have really altered their lifestyles to cope with these high prices,” Gross said.
Exxon, based in Irving, Texas, increased its oil and gas production as crude prices hovered above 0 a barrel. Revenue at Exxon skyrocketed to 5. 68 billion, up from . 74 billion during the same quarter last year.
Natural gas and liquefied natural gas (LNG) prices are also elevated due to Russias invasion of Ukraine and ensuing sanctions against Russia, a major supplier of natural gas. Many European nations have been scrambling for alternatives to Russian natural gas, and have been competing for boatloads of LNG, driving up prices for natural gas both globally and in the U. S. Inflation in Europe has also been surging, including soaring costs for energy.

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Surging prices have been a boon for investors, including energy executives of whom receive a massive share of compensation through company shares. Exxon earned . 21 per share, exceeding analyst expectations of . 02 per share, according to analysts polled by Factset. Chevron earned . 95 per share, exceeding analyst expectations of . 16 per share.
Shares of Exxon Mobil Corp. jumped 4% at the opening bell Friday and Chevron rose 8%.
Read more: Why It Could Be a Long Time Before Gas Prices Come Down
Exxon 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 has been in high demand globally.