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Exxon and Chevron post $26.5B quarter as refining profits jump
Chevron said refining profit rose to $4.9 billion, while Exxon earned $5.5 billion from refining despite a reported $1.3 billion loss in the prior quarter.
ExxonMobil and Chevron generated a combined $26.5 billion in the second quarter, building on higher output and increased refining activity as they sold into an oil and fuel market disrupted by war conditions, OilPrice reports.
Chevron posted record net income of $12.2 billion, nearly five times its year-ago profit, while Exxon earned $14.5 billion, double its year-ago result and its best quarter since oil prices surged after Russia’s invasion of Ukraine.
Refining profits moved sharply higher, with Chevron’s refining profit jumping to $4.9 billion from $737 million a year earlier. Exxon’s refining business earned $5.5 billion after losing $1.3 billion in the first quarter, the outlet said.
The article also points to a shift in constraints from crude pricing to product availability. Exxon CFO Neil Hansen said the bigger price problem is no longer crude, citing shrinking availability of refined products, as Chevron’s global production reached 4 million barrels of oil equivalent per day and Exxon produced 4.5 million bpd, with refineries running near capacity.
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