Bonanza for oil giants Chevron and Exxon-Mobil
Chevron and Exxon-Mobil enjoy huge profits as the industry continues to reap the benefits of higher prices
Chevron and Exxon-Mobil have made huge profits as the energy sector continues to reap the benefits of higher prices.
ExxonMobil said profits to March 31 exceeded £9.07 billion, more than double the same period last year, though they were 11 percent lower than in the last three months of 2022.
Boom: Chevron and Exxon-Mobil made huge profits
The Texas oil giant took a £159 million hit in the quarter from a windfall tax imposed on producers by the European Union following Russia’s invasion of Ukraine.
Chevron reported a profit of £5.2 billion for the first quarter, up 4 per cent from the last quarter of 2022 and 6 per cent higher than 12 months earlier, although sales fell from £41.6 billion a year earlier to £38.8 billion, mainly due to lower commodity prices’.