Exxon, Chevron combined profits exceed $30 billion

Exxon Mobil Corp. and Chevron Corp. amassed more than $30 billion in combined net income as politicians blasted oil majors for raking in record profits at a time when consumers are struggling with soaring inflation and energy shortages worldwide.

Exxon posted Friday the highest profit in its 152-year history, while Chevron announced its second-best quarterly result as natural gas demand and prices surged. Earnings for the Texas companies came after strong results posted Thursday by European peers Shell PLC and TotalEnergies SE.

Even as the majors bask in outsize profits -- unimagined just two years ago during the darkest days of the covid-19 pandemic -- oil executives remain under pressure by government leaders to ease prices at the pump for consumers and cut global-warming emissions.

Shareholders, meanwhile, have been demanding higher returns and an end to costly exploration programs, adding to commodity-price pressures.

https://www.arkansasonline.com/news/2022/oct/29/exxon-chevron-combined-profits-exceed-30-billion/