ExxonMobil, Chevron rake in record Q3 profits following oil price surge

ExxonMobil and Chevron reported record profits for the third quarter of 2022, boosted by a surge in oil and natural gas prices.

Exxon reported $19.7 billion in net income and $112.07 billion in third quarter revenue. Earnings more than doubled compared to the same period last year. Revenue rose 52%.

Chevron's quarterly profit rose 84% to $11.23 billion while revenue grew 49% to $66.64 billion during the quarter.

As of the time of publication, Exxon stock is up more than 70% year to date, while Chevron shares are up about 50%.