Oil companies rake in huge profits amid consumer squeeze

Major oil companies saw profits soar in the third quarter of 2022, continuing a trend of massive industry profits even as Russia’s invasion of Ukraine causes soaring prices for consumers.  

Exxon Mobil on Friday morning reported its highest earnings ever at $19.7 billion for the quarter, while Shell reported its second highest of $9.5 billion.  

Exxon Mobil’s quarterly profits surpassed the second quarter’s $17.9 billion, beating analyst projections by about $4 billion. The company said on an earnings call that its profits were boosted by record levels of Permian Basin oil and gas production, close to 560,000 barrels per day.  

Shell, meanwhile, announced profits of $9.5 billion for the quarter the previous day. Chevron also beat expectations, raking in $11.2 billion in the third quarter, also its second-highest quarter ever.