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Exxon, Chevron, Shell profits soar on oil's surge

Posted on AllSides July 30th, 2022
From The Right
Stefani Reynolds/AFP via Getty Images

Rising energy prices produced record profits for major oil companies last quarter, when gas prices peaked amid gushing global demand and supply disruptions.

ExxonMobil, Chevron and Shell all posted unprecedented earnings this week, raking in a combined $41 billion for the second quarter ended June, when the average price for a gallon of gas hit an all-time high of $5.01 in the U.S.

Shell reported its second consecutive quarter of record profits on Thursday, saying its Q2 adjusted earnings hit $11.5 billion — blowing past the company's Q1 record of $9.1 billion.

The company...

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